*~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~* { Sila lawat Laman Hizbi-Net - http://www.hizbi.net } { Hantarkan mesej anda ke: [EMAIL PROTECTED] } { Iklan barangan? Hantarkan ke [EMAIL PROTECTED] } *~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~* PAS : KE ARAH PEMERINTAHAN ISLAM YANG ADIL ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ ---------- Forwarded message ---------- Date: 9 Jun 2000 09:51:11 -0700 From: Cindai <[EMAIL PROTECTED]> To: [EMAIL PROTECTED] Subject: In Japan Mahathir Promotes Parallel Monetary Fund "AMF" After all the rhetoric, the sly old fox is proposing a parallel fund to mimic the IMF, thus saving face. Now we have to see if he can get the Japanese to give him the funding for it .... WEALTH SHOULD BE THE RESULT OF HARD WORK, SAYS MAHATHIR From Ghazemy Mahmud TOKYO, June 9 (Bernama) -- Wealth should be the result of hard work and production and not obtained through currency speculation and manipulation, Datuk Seri Dr Mahathir Mohamad said Friday. "What is real wealth is what we do with our own hands including the goods and services. We must have some faith in our own ideas of how to develop ourselves," said the Prime Minister. "We still believe in almost what the Europeans would call the 'Calvinistic' values. We want to work hard because work is good and we want to produce and we want to sell things cheaply," he said during an interview session for a Keio University documentary and the Mainichi newspaper here. The session was mainly conducted by Japan's 'Mr Yen', Prof Dr Eisuke Sakakibara. Dr Mahathir said: "Malaysia had supported the international financial system over time and we accept that currencies fluctuate in value but we thought that was related to the performance of the economy." When the Thai bath went down very fast in July 1997 and the ringgit followed suit, it was no longer a natural thing related to economic performance, he said. The Prime Minister said it was purely selling and buying currencies and that he had always maintained that currencies are not commodities that can be bought or sold because basically they have no value except what countries agreed to recognise as to their value. After the demise of Bretton Woods system and things became uncertain, Dr Mahathir said the only people who benefited were the hedge funds which came out as a kind of insurance against too much fluctuation. "But when currencies fluctuate by 600 per cent nobody can hedge against that. What it has done was of course to destroy the world's economy. "Currency trading is worth about 20 times world trade but what is there to show for it, world trade creates so much emloyment business production capabilities interaction between countries the benefit of the world trade is huge. "But this is 20 times world trade and there is nothing to show for it except the destruction of economies and enriching the very very rich people who invested in hedge funds," he said. On the Asian Monetary Fund, he said it would be a friendlier kind of fund that tries to prevent crisis from happening. "We can work out a mechanism. Of course, we have made this first stop in Chiengmai but we need to progress fairly rapidly. "But now the new head of the IMF has already agreed that there is no harm in the AMF. It is not going to compete with the IMF, it will lessen the burden of the IMF. "I'm quiet sure the IMF doesn't want to see economic and financial turmoil all the time. The AMF can contribute towards stablising the currencies and related matters and contribute towards the development of the countries concerned, overcoming poverty, increasing regional trade and increasing world trade," he added. -- BERNAMA _______________________________________________________________________ Why pay when you don't have to? Get AltaVista Free Internet Access now! http://jump.altavista.com/freeaccess4.go _______________________________________________________________________ ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ ( Melanggan ? To : [EMAIL PROTECTED] pada body : SUBSCRIBE HIZB) ( Berhenti ? To : [EMAIL PROTECTED] pada body: UNSUBSCRIBE HIZB) ( Segala pendapat yang dikemukakan tidak menggambarkan ) ( pandangan rasmi & bukan tanggungjawab HIZBI-Net ) ( Bermasalah? Sila hubungi [EMAIL PROTECTED] ) ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ Pengirim: "Haji Johari Adam" <[EMAIL PROTECTED]>