What happened to the people's spirit

What happened to the people's spirit

A few weeks ago the value of the Indonesian rupiah fell
sharply against that of the U.S. dollar, falling at one stage to
a low of Rp 4,000. Market forces it appeared had been gathering
for some time over concern regarding the financial activities and
banking system of many Southeast Asian countries. But was the so-
called "correction" in the value of the rupiah overdone? The
panic purchasing of U.S. dollars was a major contributing factor
to the slide of the Indonesian rupiah. Local debtors made
frenzied purchases of dollars to service debts, a "catch-22"
situation then rapidly developed as debtors felt obliged to
purchase more dollars at an ever-increasing rate of exchange.

Adding to the "chain reaction" there was evidently another
factor involved i.e., the panic selling of rupiah by local
"players" and individuals, of course, in a democratic world one
is free to do what one likes with one's own money. However, the
ethics of the matter should not be ignored. In this modern world
of course, whether it be economic or environmental issues, it
appears that ethics have gone out of the window.

Allow me to draw your attention to a time when the Republic of
Indonesia was still in its infancy:
* Although an Indonesian republic was proclaimed on Aug. 17,
1945, the Netherlands had no intention of relinquishing their
former colony. In order to firmly establish economic control, the
Netherlands Indies civil administration (NICA) needed to re-
introduce Dutch currency. The Dutch currency gained no ground
whatsoever. Heeding a call by the then President of Indonesia ,
Sukarno, the people refused outright to handle the Dutch money.
The boycott was total, so much so, that in 1946 the Netherlands'
designated Governor General, Hubertus Van Mook, expressed dismay
and bewilderment over the fact that nobody could be found --
apart from the Dutch themselves -- to utilize the currency.
(Faith was placed in Japanese occupation currency plus old Java
banknotes until notes of a wholly Indonesian identity entered
circulation).

This then was a clear testament to the unity of the Indonesian
people when faced with a crisis.

In September of this year, as the rupiah fell through the Rp
4,000 barrier, it seemed that the appeal President Soeharto made
to people not to enter into panic selling of the Indonesian
currency fell mainly on deaf ears. One may then well ask: What
has happened to the spirit of struggle?

PETER ROBINS

Sanur, Bali