The currency turmoil in Southeast Asia is spreading. It started in Thailand but quickly engulfed neighbouring countries Indonesia and Malaysia as well.
As the fan club of the western economic system grows, so do the bailouts. In reality these are nothing short of economic takeovers as the concerned country surrenders its monetary policy to the donors or the international monetary fund (IMF).
One of Malaysia’s prominent alims (Islamic scholars), Datuk Ishak Baharom, is to lose his job as the State Mufti of Selangor - Malaysia’s richest state - effective from October 31, 1997.
Prime minister Mahathir Mohamed of Malaysia may have made a strategic political blunder by tying his political future to solving the deepening currency and stockmarket crisis. He has thus handed his detractors the opportunity to undermine his position.
The economic miracle, now mired in political, economic, financial and ecological setbacks, was to foster a Malaysia Inc, that would lead to a Valhalla of an industrialised Malaysia in 2020.
Dr Mahathir Mohamed’s much-trumpeted Vision-2020 has been forced to have corrective lenses installed in the last few weeks.
The turmoil that has hit Southeast Asian currencies should serve as a reminder to all those who move too fast in trying to catch up with the west or attempt improving their economies.
There is in Malaysia a truly George Orwell’s Nineteen Eighty Four scenario. There is an ‘Anti-Corruption Act’ to nab those who complain about corruption; an Institute of Islamic Understanding to promote an orientalist version of Islam; non-Muslims advising the Muslims how to reform Islam, else Islam will `die off’ due to its failure to change with the time...
When one loses the arguments, he becomes incoherent. He talks about things which are out of this world or age, and of things which had no relevance or connections to the arguments in hand. This seems to be the case with some of our leaders stuck in an Islamic time capsule.
The thinly veiled reference by the Malaysian Prime Minister, Mahathir Mohammed, to the alleged role of George Soros in the precipitate fall of currencies in the ASEAN region belies a desperation which is beginning to grip the erstwhile over confident leaders of the emerging economies of the Far East.
The Manila regime is fond of talking from both sides of its mouth. It wants to talk peace with the Moro Islamic Liberation Front (MILF) but the Filipino army continues its offensive against the mujahideen.
Indonesia’s presidential elections are not due until next March but general Suharto is taking no chances. Not that his own position is threatened. He wants to make sure that even his running mate is chosen through consensus.
Malaysia has launched its audacious bid to capitalise on the growing possibilities offered by the emergence of information superhighways. In a series of high-level presentations Prime Minister Dr Mahathir Mohammed has started to woo key participants to the Multimedia Super Corridor (MSC).
General Suharto, his ruling Golkar Party and the Indonesian armed forces have got it all wrapped up. The May 29 general election results in the largest Muslim country in the world have already been decided.
In the east Malaysian state of Sarawak, the confluence of the Rajang and Balui Rivers is marked by the Bakun Rapids. Here, churning whirlpools and crashing white water have undone many an experienced boatman.
Malaysia’s controversial mega dam project in the Eastern state of Sarawak is showing signs of stress. Reports of construction mishaps and financial problems faced by Ekran, the main contractor of the Bakun Hydroelectric Dam Project are being blacked out from the tighly-controlled Malaysian press.
The brutal manner in which Muslims are being treated in Myanmar (Burma) is no bar to the junta’s ambition to join ASEAN, the grouping of South East Asian Nations.
On some days, ordinary Malaysians find themselves unable to do business in the ordinary way. They are compelled to pay incentives to get people to do a salaried duty.
The Malaysian government agreed to allow the Israeli cricket team play in an international cricket tournament in Kuala Lumpur which is participated by 22 countries. A notable exception is Pakistan which has one of the world’s best cricket teams. Pakistan is boycotting the tournament on the ground of Israeli participation.
