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Linked this in a previous posting, but i think it’s significant enough to stand on its own in the Volume of Interactions. An account “from the ground” by Tan Sri Nor Mohamed Yakcop, about Tun Dr Mahathir’s handling of the 1997-98 financial crisis.
It is often assumed that the system of exchange control (including fixed exchange rate) that we implemented on September 1, 1998 saved the country. The measures of September 1, 1998 were undoubtedly a necessary condition, but it was not a sufficient condition to overcome the crisis. Malaysia was saved, not by exchange control measures per se, but by Dr. Mahathir Mohamad.
Dr M saved the nation. Perhaps the only truism of his 22 years as Prime Minister of Malaysia.
I’m not his greatest fan, but let’s give credit where credit is due.