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Strategies & Market Trends : Asia Forum

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To: Bill Ounce who wrote (4823)	6/25/1998 9:43:00 PM
From: B Tate	Read Replies (1) of 9980

Bill Having watched part of this "news conference" televised on the local news programs last night, a couple of observations. 1. The assembled 'reporters' were all locals, as far as I could see when the camera panned. Usually when he holds these conferences he speaks in Bahasa Malay. This was meant for international sound clip distribution as I see it. 2. One significant new whipping boy was raised as causing the problem that Malaysia faces. "We tried to follow the ground rules established by the IMF in our interest rate policies. We have found out that this has done imeasureable harm to the Malaysian economy. It is now too late to rectify this since once put in place you cannot repair the damage done. Diam is here to help is figure out how to correct this error in IMF policy".......... (paraphrased slightly due to memory loss at my advanced age) Anybody else surprised at the reference to IMF policies? Correct me here Stitch, but all I've ever heard was that Malaysia would never, NEVER go along with the "stupid" policies of the IMF. Some mighty funny ideas floating around Merdaka Square as far as I can see.... On another note. Last week during discussions with one of the local professionals, he assured me there will be race riots etc. within 60 days. He claims that the "Penang Incident" was only the beginning of the unrest. His view was that in the urban areas the education level is such that riots etc. will be avoided, but look out in the Kampungs where the hatred has been suppress forcibly for the last 10 - 23 years. "They are only looking for a reasonable excuse to blow up". Sad commentary from one of my best friends. Regards bt

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