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---------- Forwarded message ----------
Date: 9 Jun 2000 09:51:11 -0700
From: Cindai <[EMAIL PROTECTED]>
To: [EMAIL PROTECTED]
Subject: In Japan Mahathir Promotes Parallel Monetary Fund "AMF"
After all the rhetoric, the sly old fox is proposing a parallel fund
to mimic the IMF, thus saving face. Now we have to see if he can
get the Japanese to give him the funding for it ....
WEALTH SHOULD BE THE RESULT OF HARD WORK,
SAYS MAHATHIR
From Ghazemy Mahmud
TOKYO, June 9 (Bernama) -- Wealth should be the result of hard
work and production and not obtained through currency
speculation and manipulation, Datuk Seri Dr Mahathir Mohamad
said Friday.
"What is real wealth is what we do with our own hands including
the goods and services. We must have some faith in our own
ideas of how to develop ourselves," said the Prime Minister.
"We still believe in almost what the Europeans would call the
'Calvinistic' values. We want to work hard because work is good
and we want to produce and we want to sell things cheaply," he
said during an interview session for a Keio University documentary
and the Mainichi newspaper here.
The session was mainly conducted by Japan's 'Mr Yen', Prof Dr
Eisuke Sakakibara.
Dr Mahathir said: "Malaysia had supported the international
financial system over time and we accept that currencies
fluctuate in value but we thought that was related to the
performance of the economy." When the Thai bath went down
very fast in July 1997 and the ringgit followed suit, it was no
longer a natural thing related to economic performance, he said.
The Prime Minister said it was purely selling and buying currencies
and that he had always maintained that currencies are not
commodities that can be bought or sold because basically they
have no value except what countries agreed to recognise as to
their value.
After the demise of Bretton Woods system and things became
uncertain, Dr Mahathir said the only people who benefited were
the hedge funds which came out as a kind of insurance against
too much fluctuation.
"But when currencies fluctuate by 600 per cent nobody can hedge
against that. What it has done was of course to destroy the
world's economy.
"Currency trading is worth about 20 times world trade but what is
there to show for it, world trade creates so much emloyment
business production capabilities interaction between countries the
benefit of the world trade is huge.
"But this is 20 times world trade and there is nothing to show for
it except the destruction of economies and enriching the very
very rich people who invested in hedge funds," he said.
On the Asian Monetary Fund, he said it would be a friendlier kind
of fund that tries to prevent crisis from happening.
"We can work out a mechanism. Of course, we have made this
first stop in Chiengmai but we need to progress fairly rapidly.
"But now the new head of the IMF has already agreed that there
is no harm in the AMF. It is not going to compete with the IMF, it
will lessen the burden of the IMF.
"I'm quiet sure the IMF doesn't want to see economic and financial
turmoil all the time. The AMF can contribute towards stablising the
currencies and related matters and contribute towards the
development of the countries concerned, overcoming poverty,
increasing regional trade and increasing world trade," he added. --
BERNAMA
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