Whither the economy?

Whither the economy?

As early as some two decades ago, when the government began to
push Indonesia's annual economic growth figure to around 7
percent by borrowing as much money from abroad as it possibly
could, many observers warned the authorities that they should not
be so quick to ask for foreign loans without considering the
possible consequences. Now, Indonesia and all of Southeast Asia
are substantial pieces of the system of global capitalism.

We have seen with our own eyes how (the International Monetary
Fund and the World Bank) have pumped billions of US dollars into
the Indonesian economy while at the same time ordering the
closure of banks considered to be no longer functioning. Modern
capitalism must preserve its life by amputating its limbs --
namely those banks which have died and therefore can no longer
circulate blood to sustain the system. There is a good
possibility that, if the economic crisis continues, more banks
will be closed, not only in Indonesia, but also in Thailand,
South Korea, Russia, Japan and other countries we may not even be
thinking of at the moment.

Many bright and capable economists have been watching
Indonesia's dinosaur of an economic system break down, but none
have dared to speak out because most are part of the decaying
system. However, as we stand and watch powerlessly as total
devastation threatens our monetary system, why not gather the
courage to openly acknowledge this process of destruction and not
merely put the blame on the World Bank or the IMF, both of which
already admitted their sins.

-- Merdeka, Jakarta