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Former Malaysian PM Warns Of Dollar Catastrophe
THE FORMER prime minister of Malaysia, Mahathir Mohamad, has launched into a swingeing attack on US president George W. Bush and warned that the global economy was heading for a catastrophe with the dollar in danger of imminent collapse.
Mahathir claimed that the only reason the US dollar was keeping its value was because of a widespread fear of global meltdown it it collapsed.
According to a report in today's Taipei Times, the only way to avert such a meltdown in the value of the US dollar was if the Americans replaced George W. Bush with a "more responsible president". Replacing US presidents isn't that simple, we suspect.
The former prime minister suggested one answer to the impending doom was to switch from dollars to a gold standard for international trade. Companies should start demanding that payments be made in Euros, or that US dollar payments should be at the Euro rate.
A dollar catastrophe was inevitable because the
USA was unable to repay loans which Mahathir estimated amounted to $7 trillion.
One US dollar is currently worth .77 of a Euro, and .53 UK pounds. Which
is fine and dandy if you're a Brit that goes shopping for iPods in New York,
but is crippling when you're an IT company that gets paid in US dollars.