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