 |
| our enemy - whites |
|
| Mahathir blames whites for slump By Alex Spillius, South-East Asia Correspondent THE Malaysian Prime Minister, Mahathir Mohamad, launched a virulent attack yesterday on foreign powers he claimed were aiming to re-colonise Malaysia by exploiting its financial crisis. He blamed currency dealers, stockbrokers and overseas companies for destabilising his country and plotting to take over its ailing conglomerates. Dr Mahathir's 90-minute address to his ruling party's annual conference was combative even by his own fiery standards. With Asia's crisis deepening, it is likely to depress market confidence even further. He said "white men" would not stop their attack on Malaysia's economy until they had "100 per cent" control of it. He said: "Remember, those who created the economic turmoil that we are facing now are just like the colonialists. Do not think their behaviour has changed. As the Malay adage goes, 'Tigers will always have their stripes'." Malaysia has so far been able to resist calling on the International Monetary Fund for aid, but its once booming economy is sick. The currency, the ringgit, has lost 40 per cent of its value, bank credit has dried up for many businesses and recession has begun. Dr Mahathir's remarks have come in response to growing pressure on his leadership. He has faced rare criticism this week from the youth wing of the ruling United Malays National Organisation, whose leader lambasted "cronyism and nepotism" in the economy. The government has given several large bail-outs to ailing conglomerates, including one owned by the prime minister's son Mirzan, while smaller firms struggle to survive. Analysts said that, after 17 years in power, Dr Mahathir fears that he may be the fourth Asian leader to be brought down by the regional crisis. A financial consultant said: "Mahathir is the problem. It is tragic. He could destroy everything he has done." |