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Dollar headed for collapse: Mahathir
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| Contributor | RP |
| Last Edited | RP Apr 01, 2005 07:41pm |
| Category | Opinion |
| News Date | Mar 31, 2005 07:40pm |
| Description | The US dollar is facing an imminent collapse and the global economy will suffer a "catastrophe" when it is rejected as the currency for trade, former Malaysian prime minister Mahathir Mohamad said in remarks published yesterday.
Mahathir, who famously ignored International Monetary Fund (IMF) advice and instead chose to peg his country's ringgit to the US dollar during the Asian financial crisis, said a standard gold currency was now the best alternative for world trade. The dollar was retaining some value because of fears of a global economic catastrophe if it was rejected, he told a conference of some 650 chief executives from 30 countries at a conference in Kota Kinabalu on Borneo island on Tuesday, The Star newspaper reported.
"But the catastrophe will come one day because even the most powerful country in the world cannot repay loans amounting to US$7 trillion," Mahathir said. |
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