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Krugman Sindir Si Kepala Taik

Date: 27 Aug 1999
Time: 04:01:11
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Ulasan

Jadi jelaslah bahawa pandangan Krugman bahawa langkah kawalan modal tidak perlu lagi.

Dia juga mengatakan bahawa pandangan Si Kepala Taik terhadap pedagang matawang adalah satu pandangan yang nyanyuk. Dan orang Amerika tidak mempunyai kepandaian untuk membuat konspirasi kewangan terhadap negara-negara yang berkrisis ekonomi.

The economist said the role of hedge funds in precipitating Asia's financial woes was exaggerated and allegations of conspiracy "maybe too paranoid," although he conceded that small conspiracies do occur.

"The bigger conspiracy theory, it just doesn't work ... not because the people in Washington are men of virtue but because they are not that smart," he added.

Ini membuktikan teori Si Kepala Taik kononnya ada konspirasi ekonomi terhadap negara-negara Asia telah digembar-gemburkan.

============================================================================================================================== Malaysia's capital curbs no longer necessary: Krugman

KUALA LUMPUR, Aug 27 (AFP) - Malaysia no longer needs its capital controls because the Asian financial crisis has abated, top US economist Paul Krugman said Friday.

"It's no longer necessary to maintain controls," he told a business seminar, saying the turmoil had eased unlike a year ago when "speculation was forcing countries to act perversely."

Krugman, who teaches at the Massachusetts Institute of Technology and is a visiting professor at the London School of Economics, acknowledged his role in calling for the curbs even before Malaysia imposed them last September.

"Last year, I stuck my neck out to recommend unorthodox policies," he said but urged Asia to return to its pre-crisis days for globalisation to proceed.

"We need to have convertible current accounts. We also need increased foreign direct investments... We don't need hot money flows but don't have a very good way of banning them. The vulnerabilities are still there."

Malaysian Prime Minister Mahathir Mohamad, who blamed foreign currency speculators for sparking Asia's financial turmoil, imposed the controls after the economy plunged into its first recession in 13 years.

Mahathir has vowed to keep the curbs, which include a fixed exchange rate, until reforms are carried out in the global financial system to protect developing economies.

Despite an economic rebound in the region, Krugman said financial structures had not been rebuilt sufficiently and financing should be more equity-based than debt-based.

Reliance on foreign currency borrowing should also be reduced or "we could have a replay of the crisis," he warned.

The economist said the role of hedge funds in precipitating Asia's financial woes was exaggerated and allegations of conspiracy "maybe too paranoid," although he conceded that small conspiracies do occur.

"The bigger conspiracy theory, it just doesn't work ... not because the people in Washington are men of virtue but because they are not that smart," he added.


Last changed: August 27, 1999