THE EAST ASIA ECONOMIC COMMUNITY
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THE EAST ASIA ECONOMIC COMMUNITY
Dr. Mahathir Mohamad
1. I am glad to read the report that the new Prime Minister of Japan, Yukio Hatoyama intends to pursue the proposal for an East Asian Economic Community.
2. I had always felt that the countries of East Asia should speak with one voice when negotiating with the European Union and the North American Free Trade Agreement (NAFTA). If we don't then the Europeans and the Americans would dominate such negotiations. Obviously they would want to favour themselves to our detriment.
3. This is not about hating the West as someone suggested when I drew attention to a UN Agency proposal to have a special currency to replace the US Dollar for the purpose of trade settlements and reserves. It is simply because unlike other countries the US Dollar is not backed by anything.
4. They used to hold huge quantities of gold in Fort Knox to support their dollar. Today they have neither gold nor foreign exchange reserve to back their dollar. As a result the dollar value has been fluctuating. The only thing that is holding it up is the demand for it for trade payments. Other than that the dollar is nothing but just printed paper.
5. The US has twin deficits and no savings . Where then did the United States get the three trillion dollars to bail out the banks, industrial corporations and insurance companies? The obvious answer is that it got it from thin air. Just print the money.
6. Why is it that the US can print money to bail out companies while others may not do so? Malaysia did not print money when we bailed out our companies. The money came from revenues collected by the Government and loans raised by it.
7. It is not about hating people. It is about not condoning abuses of the monetary system that the proposal is made not to use the US Dollar.
8. Now the Chinese have come out with the same idea about a special currency to replace the dollar. If we think of the huge sums of dollars held by the Chinese, this suggestion would cause them to lose a lot of money. But they must have realised that the money they are holding is pretty useless.http://chedet.co.cc/chedetblog/2009/09/the-east-asia-economic-communi.html
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Mahathir again.LOL Just his comment on 'the little Chinese emperor' and other racial laced comments first, if he is to be taken seriously about east asia integration.
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He gives pretty good insights, but he seems to get a tat touchy whenever he talks about Singapore.
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Now that China's power is increasing everyone is rushing to suck up to China:
China and Japan begin talks on building alliance
Proposed Japan, China East Asian Community to send shock waves around the world
China open to unified East Asia proposalSingapore's Lee seeks details on East Asia community on Japan visit -
As the 10-member Association of Southeast Asia Nations (ASEAN) pledged last Saturday to build an ASEAN community by 2015 and approved a blueprint for a landmark charter to upgrade the 40-year-old group, there have also been talks about a broader based "East Asia community".
The concept of an East Asia community remains a beautiful ideal. In 1990, the second year after the Asia-Pacific Economic Cooperation (APEC) forum was established, the then Malaysian Prime Minister Mahathir bin Mohamad proposed the "East Asia Essential Caucus". It did not become a reality due to the US' objections and Japan's recoil.
The past 16 years have witnessed great changes and new developments in East Asia.
http://news.xinhuanet.com/english/2007-01/16/content_5612470.htm
Last time USA and Japan opposed the east asian bloc. Now Japan supports the bloc.
That leaves the USA as the main obstacle. I want to see whether USA is bent on sabotaging the East asian bloc and to crush it.
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USA your days of being the top fucker in the world are numbered.
