What happened to the people's spirit<\/p>\n
A few weeks ago the value of the Indonesian rupiah fell
\nsharply against that of the U.S. dollar, falling at one stage to
\na low of Rp 4,000. Market forces it appeared had been gathering
\nfor some time over concern regarding the financial activities and
\nbanking system of many Southeast Asian countries. But was the so-
\ncalled \"correction\" in the value of the rupiah overdone? The
\npanic purchasing of U.S. dollars was a major contributing factor
\nto the slide of the Indonesian rupiah. Local debtors made
\nfrenzied purchases of dollars to service debts, a \"catch-22\"
\nsituation then rapidly developed as debtors felt obliged to
\npurchase more dollars at an ever-increasing rate of exchange.<\/p>\n
Adding to the \"chain reaction\" there was evidently another
\nfactor involved i.e., the panic selling of rupiah by local
\n\"players\" and individuals, of course, in a democratic world one
\nis free to do what one likes with one's own money. However, the
\nethics of the matter should not be ignored. In this modern world
\nof course, whether it be economic or environmental issues, it
\nappears that ethics have gone out of the window.<\/p>\n
Allow me to draw your attention to a time when the Republic of
\nIndonesia was still in its infancy:
\n* Although an Indonesian republic was proclaimed on Aug. 17,
\n1945, the Netherlands had no intention of relinquishing their
\nformer colony. In order to firmly establish economic control, the
\nNetherlands Indies civil administration (NICA) needed to re-
\nintroduce Dutch currency. The Dutch currency gained no ground
\nwhatsoever. Heeding a call by the then President of Indonesia ,
\nSukarno, the people refused outright to handle the Dutch money.
\nThe boycott was total, so much so, that in 1946 the Netherlands'
\ndesignated Governor General, Hubertus Van Mook, expressed dismay
\nand bewilderment over the fact that nobody could be found --
\napart from the Dutch themselves -- to utilize the currency.
\n(Faith was placed in Japanese occupation currency plus old Java
\nbanknotes until notes of a wholly Indonesian identity entered
\ncirculation).<\/p>\n
This then was a clear testament to the unity of the Indonesian
\npeople when faced with a crisis.<\/p>\n
In September of this year, as the rupiah fell through the Rp
\n4,000 barrier, it seemed that the appeal President Soeharto made
\nto people not to enter into panic selling of the Indonesian
\ncurrency fell mainly on deaf ears. One may then well ask: What
\nhas happened to the spirit of struggle?<\/p>\n
PETER ROBINS<\/p>\n
Sanur, Bali<\/p>", "url": "https:\/\/jawawa.id\/newsitem\/what-happened-to-the-peoples-spirit-1447893297", "image": "" }, "sponsor": "Okusi Associates", "sponsor_url": "https:\/\/okusiassociates.com" }