Dr. M and the Gold Dinar !

Same goes for the Thai Bhat. It was the peg to the USD in the 90s that messed up the Thai economy.

The Thai Baht went bust not because it was pegged to the Dollar. Almost all large banks (mostly run from Singapore) attacked the Thai Baht offshore. Banks in Singapore made a fortune on those currency attacks.

Another factor was the wide corruption in the government and the problem of the Central Bank to be controlled by politics.

THEY NEVER SHOULD HAVE FLOAT THE BAHT AT ALL. THE FLOAT MESSED UP EVERYTHING. Do it like Malaysia, China or Hong Kong.

[ Last edited by asinah_dot_net on 5-10-2003 at 09:28 PM ]

so argentina 's economic woes was caused by its peg to the greenback...?

so why is it that half a dozen of other countries lilke CHINA whose Yuan is also pegged does not go belly up..?

i 'll nominate you for the next nobel prize for economics

The Thai Baht went bust not because it was pegged to the Dollar. Almost all large banks (mostly run from Singapore) attacked the Thai Baht offshore. Banks in Singapore made a fortune on those currency attacks.

Yep, they pegged it and payed for it. The attacks came from all over, Frankfurt, Tokyo, London, New York, not just Singapore. Besides, those banks who did the attacks were not Singapore banks at all. Hahahahahaha.......... Singapore actually defended both the Baht and the Ringgit, otherwise they would have gone down further.

Another factor was the wide corruption in the government and the problem of the Central Bank to be controlled by politics.

THEY NEVER SHOULD HAVE FLOAT THE BAHT AT ALL. THE FLOAT MESSED UP EVERYTHING. Do it like Malaysia, China or Hong Kong.

The peg was the major problem. Not all pegs are bad, the key is to have wise monetary policies & a managed float. In other words, monetary stability itself is not the key to economic success. Had the Thais maintained the peg further, they would have gone bankrupt.

[ Last edited by SFE talk on 5-10-2003 at 10:05 PM ]

So the peg is good for China, Malaysia and Hong Kong but not Thailand. Am I following you right.

It should be noted that the Thai Baht was traded mostly in Singapore (outside Thailand) - most of those foreign banks have been licenced by the Singapore government.

Why not one bank was punnished in Singapore ?

Any way no problems. Thailand is currently with Malaysia in thr ASEAN region doing very well.

and how could they have got more bankrupt ? they were already bankrupt ! There was no funds left in the Thai foreign reserves.

Some pegs are good, some pegs are no good, as we can see from the examples around us. The key is to do a smart mamangement of the currency & economy.

It should be noted that the Thai Baht was traded mostly in Singapore (outside Thailand) - most of those foreign banks have been licenced by the Singapore government.

Foreign banks are free to trade in any currency they want, including the Sing dollar. the Singapore govt have no right to control such activities.  

Why not one bank was punnished in Singapore ?

Punished for what may I ask?

There was no funds left in the Thai foreign reserves.

If that is so, how did Thailand return all that loan from IMF? You need to keep yourself updated my fren.

HoleAss. You try to switch the story. In 1997 there was no funds left in the Central Bank. The IMF loan was paid last month back and not in 1997. You need to keep yourself updated a little bit. Don't drink to much urine it can damages your brain.

And there is no secret about it that the current Thai government kick balls of the IMF.

BTW: It was the Singaporean banks that benefitted most of the Thai Banking cirisis. They bought Lamthong Bank (UOB), Thai Danu bank (DBS) after the crash and they also had an eye on TFB and BBL.

The Thai Chinese banking families however kicked balls on your Singaporean banks and your banks could buiy only the two smallest banks.

DBS Bank is the biggest government linked bank in Southeast Asia but a bank like BBL couldn't be that easy swallowed by a Singaporean bank that only got big because Big Brother is watching (your government)

LaRouche was sent a question from someone in Malaysia, asking whether or not he supported the program for adopting the Gold Dinar for trade among agreeing nations. This was his reply:


------------------------------------------------------------------------

I am sympathetic with the apparent motivation of Malaysia's gold dinar, and with the patriotism which inspired Malaysia's resistance to the forces typified by swindler George Soros. However, I know that the proposal will not succeed in the form it is presently proposed.

The present floating-exchange-rate form of "free- trade" infested IMF monetary-financial system is a disease, which must be uprooted, rather than reformed. However, no replacement will work unless it is integral to the immediate replacement of that diseased system by a global fixed-exchange-rate system, ...with reserve gold price at as much as 1,200 Euro per troy ounce.

Presently, the world system is on the verge of a greater collapse than that Europe and the U.S.A. experienced during the 1928-1933 interval. . . .

. . . The dinar will work only if it is a subordinate feature of the following larger measures.

The present IMF system must be taken in receivership by relevant governments, and subjected to reorganization, leading toward the cancellation of a great portion of the nominal assets of the system. A new, fixed-change-rate monetary system must be established by a concert of governments, and combined with establishment of a system of protectionist measures. Gold must be introduced not as a standard of value, but as a reserve used to regulate the fixed-exchange rate among participating national currencies.

The object must be to launch a 25-50-year program of general economic recovery and physical growth, based upon investment, chiefly in basic economic infrastructure. For this purpose long-term credit at not more than 1-2% simple-interest rates is needed. Some of this credit can be generated as internal credit within nations. Much of the credit will be generated by long- term treaty-and-trade agreements among nations. The new system can also generate the equivalent of special drawing rights, especially for the benefit of the relatively poorest nations.

A danger today is, that although some groups of nations are considering job-creating reforms including long-term investment in needed infrastructure, these governments lack the insight and will to push through the general monetary and trade-policy reforms which are indispensable for actually workable solutions in the form and scope needed. Partial solutions will be worse than failures, because they will add a new degree of demoralization to the existing crisis. Therefore, I decline to endorse any measures which, while otherwise attractive, fall short of the actions urgently required. It is good to feed the hungry, but not to limit the aid to one-quarter of the minimum needed to sustain life.

My best wishes,

- - Lyndon

The financial reports are out in Thailand of all banks.

The worst performance are the smallest bank in Thailand. DBS Thai Danu Bank and UOB Radanassin Bank.

Really? Where? Please show us.

>>Really? Where? Please show us.<<

come to our place.. use the backdoor...after dark.

Yep, I knew it, its prsotitute's info. Hahahahahahahaha...............

cheers

... IN VIEW OF THE RECENT SLIDE of the greenback - i ve exhumed this thread.

noticed priceof  gold and silver is on the rise. woohooo.

noticed  more interest in trading crude oil in EURO.  e.g Russia. China jumpiing on the euro bandwagon. Soon Venenzuela.

the day of the grand fiat currency dominance is over.

if you're smart you can profit from this.

noticed oil price taking a breather last week - look forward to the day when it is $80/barrel.

RedChaSiew

Haven't heard much out of Mahathir but he just surfaced in Dubai, gold capitial of the middle east if not the world.

SS

------------------------------------------------------

United States A Deficit State Living On Borrowed Money, Says Mahathir

Former Malaysian Prime Minister Tun Dr Mahathir Mohamad

By Shakir Husain

DUBAI, Dec 2 (Bernama) -- Former Malaysian Prime Minister Tun Dr Mahathir Mohamad has described the United States as a deficit state living on borrowed money and which owes huge sums of money to the rest of the world.

"If people do not keep giving money to the United States, it will go bankrupt," Dr Mahathir told Dubai newspaper "Gulf News" in an interview that was published Wednesday.

He said the American giant had "feet of clay" and its biggest weakness was the dollar.

Dr Mahathir said Malaysia had avoided losses to its foreign exchange reserves despite the decline in the value of the dollar by building its euro and gold holdings.

"Why are we clinging to the US dollar when we know we are going to lose money?" Dr Mahathir asked.

He said countries opposed to the "bullying" by Washington should use the dollar to force a change in American policies.

Dr Mahathir said Muslim and Arab leaders could use their oil wealth and economic clout to "prevent the kind of bullying that happens in the world".

He suggested that these countries should refuse to accept dollar payments for their exports and insist on being paid in, for example, the euro or yen.

http://www.bernama.com/bernama/v3/news.php?id=106527