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