Friday, December 13, 2002
Mahathir good.
Malaysian Prime Minister, Mahathir Mohamad was vindicated recently when the IMF endorsed his currency peg in 1997, which they previously condemned. If I remember correctly, during the Asian financial meltdown of 1997, Mahathir Mohamad pegged his currency to a certain exchange rate and prevented financial investments from being withdrawn from his country. He even declared George Soros, the enemy (and he was). The IMF now says that Malaysia's strong economy is a result of Mahathir's action during the crisis. If you want to see what happened to the other countries who didn't peg their money during that time, just check out the economies of Thailand, Indonesia and of course, the Philippines. But please remember, that Mahathir unpegged his currency after one year, and didn't peg it forever, unlike Argentina, which also is now in economic shambles.
Which simply proves, Mahathir is a genius.
posted by Joey at 2:10 PM
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