Asian economic turmoil

Malaysian Prime Minister Mahathir's call for a ban on currency trading might have sounded rather absurd. How could he possibly have thought about putting restrictions on currency trade in such a free trade era like today?

I do not think that it was a coincidence that the Malaysian ringgit has fallen every time Mahathir condemns foreign currency speculators for what they had done to the Asian economy. To me, it looks more like a "punishment" of Mahathir by speculators making a show of force.

However, in my opinion, Mahathir has every reason to be angry. The Asian economy that has been progressing in the right direction for some time has been crushed, resulting in serious damage to all Southeast Asian economies.

In Indonesia, business has slowed down. Everyone seems to worry about the uncertainty. Many are not sure what steps to take since the economic situation seems to be unstable and vulnerable. A wrong step might lead to bankruptcy. How can one make an adjustment if the value of the rupiah drops and changes every minute against the U.S. dollar?

This uncertainty does not only affect the business community, but it also affects the general public because prices of commodities keep going up. Business has become paralyzed as loan interests also have increased.

In this context we have to be introspective instead of blaming others for our troubles and failures. Despite our faults and carelessness, I believe that the large-scale foreign currency speculators like George Soros have played a big role in causing the current turmoil in Asian economies. It's true that they have the right to trade currency everywhere in the world. However, is it fair to play such a game or take advantage of countries that are still in the process of growing?

Asian countries are like young people. They are full of energy, potential and aspiration. Yet they are not fully grown, but are immature and vulnerable. One should not disrupt this period of growth for youngsters. The same is true with Asian economies. They need time, space and support to grow and develop until they are prepared to enter the era of globalization.

JENNY LAURITZ KHOENG

Jakarta