Now Mahathir is suggesting a gold-backed currency. Maybe he would like to explain how 50% of our gold reserves were sold under his watch in 1999 (73 tonnes down to 36 tonnes).

Mahathir predicts further doom and no end to current financial crisis

[Dr M believes that the current financial crisis will get worse and even affect export driven economies in the region.]

Dr M believes that the current financial crisis will get worse and even affect export driven economies in the region.
KUALA LUMPUR Oct 23 - Former Prime Minister Tun Dr Mahathir Mohamad has predicted that the current financial crisis will get worse and even affect export driven economies in the region.

Speaking over Bloomberg TV today, Dr Mahathir said "The worst is not over yet. We do not even understand what is happening," in an interview conducted in Putrajaya.

Dr Mahathir added "`Asian countries are going to feel the pinch of a world where the market has collapsed," when elaborating on his prediction for the region.

Dr Mahathir is credited for bailing out Malaysian banks in 1998, pegging the ringgit, ignoring advice from the International Monetary Fund, which later endorsed his capital controls.

During the interview, Dr Mahathir reiterated his belief that governments worldwide should consider a new international monetary system that doesn't depend on any single currency.

"You may have to use a number of currencies for trading purposes, or you may have to use a special trading currency, probably based on gold,'' Mahathir said. "Gold has intrinsic value. Money has no value, just pieces of paper and government assurances."

http://www.themalaysianinsider.com.m...nancial-crisis