Friday, November 03, 2006

1997 again?


Remember the 96-97 currency crisis and the subsequent forced correction of the KLSE? The same anomoly which wiped out a few decades worth of wealth of the Barisan Nasional leaders?

It was so crippling to the govt that they even invited IMF over for tea to discuss on the Malaysian economy.

I cannot remember most of the parameters/advices that IMF set for Malaysia in order for IMF to provide aid, but i remeber the following:

1) Increase interest rate - fiscal policy
2) Slowdown of growth to prevent overheating
2) Abandon Mega projects
3) Liberalise the economy
4) No bail outs of failed cronies

The PM at that time, TDMahathir was not pleased with those recommendations. A super understatement of him being merely not pleased because his deputy, Anwar, because he implemented the fiscal policy, TDM figuratively rape his butt and throw his ass in to jail.

Now 10 years later, Mahathir´s sucessor, Pak Lah has applied most if not all of the IMF recommendations (that i can remember)

1) Increase in interest rate
2) Scrapping the ¨scenic bridge¨
3) Slowing down of growth (involuntarily?)
5) Not helping proton (?)

Pak lah did all this and all he got was toungue lashing from the old tun?
Should Anwar make some noise of Tun practising double standard?

Tun and pak lah are probably billionaires many times over already...for them to piss about over something (Scenic bridge) which cost just a few hundred million might be just an excuse......

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