Tun Mahathir - Forex Revisited
Malaysia's former prime minister Mahathir Mohamad said a proliferation of currency-trading hedge funds and other players has made it harder to stage the speculative attacks of the kind he blames for triggering mayhem 25 years ago. As quoted in Nikkei: "When there are many people competing in currency trading, then it's a bit difficult to play around with the value The start of the financial crisis that engulfed nations from Malaysia to South Korea to Indonesia is usually pegged to July 2, 1997, when Thailand's attempts to protect the value of its currency were overwhelmed by capital flows out of the country. The sharp devaluation of the baht led to pressure on other currencies and, within two weeks, to the collapse of the Malaysian ringgit's peg to the U.S. dollar. From time and time again Tun Dr Mahathir felt the need to reassert himself as the global leader of the Muslim world, while balancing the need to develop Malaysia – from blaming Soros and the Jews for the