Tun Mahathir - The Economic Czar

So I had the privelege of attending another forum with the great Tun M this morning. This time it is about the past Premiers foreign policy, from Tunku Abdul Rahman to his time. Malaysia foreign policy shifted from pro-Western during post-colonizalition period, to non-aligned+pro-ASEAN, to critical of the West. Of course a question was asked about the roll of OIC and OPEC. He urged OIC countries to boycott the US dollars. The US apparently is in deficit of roughly USD 14 trillion. That's a lot of zeroes! Tun M, also the advisor to Petronas, did challenge Petronas to take up that bold step. The Euro is further strengthening itself against the US dollars. It's high time we wait for losers in the Arab League, OIC and OPEC, all worried about their vested interest with the US or fear of bombardment from scores of B-2 squadrons from the great US armada.

July 29, 2006 19:17 PM

Dr M Tells World To Use Dollar Weapon To Pressure Washington

LANGKAWI, July 29 (Bernama) -- Former Prime Minister Tun Dr Mahathir Mohamad Saturday urged countries in the world to stop using the US dollar in their international trade in order to pressure Washington to end its support for Israel's savage attack on Lebanon.

He said the oppression and cruelty of Israel against the Lebanese and Palestinians would not end so long as the United States continued to support and give aid to the Jewish regime.

"Switching out of the US dollar to using other currencies such as the euro and yen or gold will somewhat weaken the US and put pressure on it," he told reporters after visiting several development projects here.

He was asked to comment on the fierce land, sea and air bombardment of Lebanon in the past few weeks which had destroyed much of southern Lebanon and killed more than 600 Lebanese.

Dr Mahathir said Israel would not have dared to attack Lebanon without the financial and arms support given to it by America.

He said Israel was definitely wrong in attacking Lebanon but the bigger wrong was committed by the US in supporting the Israeli action.

"If the world is sincere in helping the Lebanese and Palestinians, they should reject the use of the dollar in international trade.

"When the demand for the dollar falls, America will be weakened and it will lack the ability to act as a bully in the global stage," he said.

He said the suggestion to stop using the dollar in international trade would be difficult to implement because many countries relied on it and they were also afraid of offending the US.

Even the Organisation of Islamic Conference (OIC) did not have the courage to take on the US because its members were divided in their stand, with some supporting the US while others were opposed.

"We cannot hope for OIC to do anything. Only when the Western world acts, then the OIC might follow suit," he said.

-- BERNAMA