Dr M: Reject cosmetic changes in Western banking system

Saturday May 2, 2009
Dr M: Reject cosmetic changes in Western banking system


BEIJING: Asians must reject minor cosmetic changes in the Western banking system and develop new systems instead.

Former Prime Minister Tun Dr Mahathir Mohamad said a recovery did not prove the Western monetary and financial systems were right and must be maintained.

“Whatever the results, we must critically examine the present system,” he said in his lecture titled, The Global Financial Crisis of the 21st Century – Lessons for Asia at the China Centre for Economic Research of Peking University.

Stressing the present crisis was due to systemic failure, he added: “If the West insists on retaining the present system with only minor cosmetic changes, Asians must be ready to reject them, if necessary.

“Asians must learn and convince themselves that they have the ability to formulate and develop new systems which will not be so easy to abuse.”

Believing that the Asian economies were very strong and would grow stronger with time, Dr Maha-thir said, their influence on the world economy was enormous.

“Systems developed by Asians should be taken seriously, and if good, should be accepted by the world.

Dr Mahathir urged Asians to develop new banking systems which would not be given the power to create unlimited money.

“Asians have the same capacity to think and innovate and they should be prepared to put up and defend their proposals for the world financial and economic reforms.

“But having said this, Asians must also be prepared to hear and consider proposals coming from others.”

He cautioned that the results would not be perfect even after systemic changes, and so measures to examine or correct any shortcomings or failure to curb any abuse must be maintained.

Also present at the lecture on Wednesday were Malaysian Ambassador to China Datuk Syed Norulzaman Syed Kamaruzaman, Peking University executive vice-president Prof Wu Zhipan, Peking University’s Office of International Relations deputy director Pan Qingde and the Malaysian students from Peking University.

Ads by Google
Made-in-China.com
Wholesale Price from Manufacturers Join Us Today & Inquiry Directly!
www.Made-in-China.com


Hong Kong Disneyland
Don't Miss the Magic of Disneyland The Place Where Dreams Come True.
www.hongkongdisneyland.com


Multiple Currency Account
Open a Privilege Account Today with Anglo for up to 4.35% Gross!
www.AngloIrishBank.co.im/Savings