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Strategies & Market Trends : Asia Forum -- Ignore unavailable to you. Want to Upgrade?

To: Bosco who wrote (4939)	6/29/1998 8:14:00 PM
From: Stitch	Read Replies (1) \| Respond to of 9980

Bosco, Your first linked article regarding Rubin's visit to Malaysia mentioned that he defended the IMF interest rate policies. Just to underscore how bad the press is here and how much they are nothing but sounding boards for the government the headline in the New Straits Times this morning is "Dr. M: Rubin also says high interest is sapping economy" It goes on to quote Mahatir who said that although Rubin did not raise the issue when he caled on him (the Prime Minister) at his office today, the matter was discussed yesterday between Rubin and Tun Daim Zainuddin who was appointed last week as Minister in the Prime Minister's Dept. in charge of economic development. "All these issues (interest rates) have been raised by him and Tun Daim and in fact he agrees that the high rates are damaging the economy" Dr. Mahatir told reporters. Mahatir is seen here referencing an unnamed source presumably as he admits that he did not discuss the issue with Rubin. Clearly he is looking to tout corroboration to his contention the interest rates are too high which he and Anwar seemed to disagree over some weeks back. (They have since back pedaled to allow Anwar to say he was referencing the prime rate and that he agrees the "spread" is too high.) How can anyone do business here with this sort of nonsense? In a free society these guys would not make it past first base. Best, Stitch