Currency drama<\/p>\n
The script is by no means finished, but the recent currency
\ndrama could have a strong effect on Southeast Asia. It is,
\nperhaps, fitting to view this issue in terms of a financial
\nstatement. On the plus side of the balance sheet is the news that
\nmost Asian currencies enjoyed a brief respite yesterday.
\nIndonesia's rupiah, for example, posted its strongest daily gain
\nin six years. On the minus side is the fact that some leading
\nfigures have begun to address the issue in political rather than
\neconomic terms. Was Malaysian Prime Minister Mahathir Mohamad
\nshooting from the hip when he accused speculators of playing the
\ncurrencies for political ends?<\/p>\n
Although he refrained from naming anyone, Mahathir's remarks
\nhave been interpreted as a thinly veiled attack on international
\nfinancier George Soros. If Mahathir has been correctly quoted,
\nand if his accusations turn out to be true, then the target of
\nhis charges must be condemned in no uncertain terms. One man must
\nnot be allowed to impose his will on the foreign policies of
\nother countries. It amounts to economic blackmail, even
\nterrorism. But if Mahathir does not produce hard evidence to
\nsupport his accusations, he will lay himself open to the charge
\nof seeking a convenient scapegoat to excuse the economic
\nemergency in his own country. Critics may wonder why a currency,
\nas strong as the Malaysian ringgit, was allowed to come under
\nattack.<\/p>\n
In the heat and passion of political polemics, important
\nissues are sometimes addressed in terms that appeal to the
\nadrenal glands rather than to the brain cells. But calm and
\nrational arguments, not inflammatory rhetoric, are needed in
\ncomplex, emotionally charged and politically sensitive issues.
\nAnd those arguments must be supported by hard evidence.<\/p>\n
-- The Hong Kong Standard<\/p>", "url": "https:\/\/jawawa.id\/newsitem\/currency-drama-1447899208", "image": "" }, "sponsor": "Okusi Associates", "sponsor_url": "https:\/\/okusiassociates.com" }