Blueray Hypersonic June 1, 2019 Share June 1, 2019 Malaysian PM Mahathir proposes new regional currency based on gold TOKYO: Malaysian Prime Minister Mahathir Mohamad on Thursday (May 30) proposed to create a new “special currency” for the region based on gold, replacing the existing currency trading regime. Speaking at a dialogue session at the 25th International Conference on The Future of Asia (Nikkei Conference), he claimed that a regional currency based on gold would be more stable. The prime minister said that by pegging the new currency to gold, it could be used to evaluate the import and export activities among East Asian countries. “We can make settlement using that (new) currency. That currency must be pegged to the local currency as the exchange rate, which is something that can be related to the country’s performance,” he said. “That way we know how much we owe, how much we have to pay in the special currency of East Asia." The new currency could also be extended to countries outside East Asia, he said. Dr Mahathir noted that the global market is now tied to the US dollar, and this makes the currency prone to manipulation. “Just because that one country is affected, there is infection to the other countries. Malaysia was very stable way back in 1997 (during the Asian financial crisis) ... but because of the problem occurring in Thailand, they said we must peg the Malaysian currency (to the US dollar),” he recounted. “What happened? The currency traders sold the Malaysian currency and the value of Malaysian currency depreciated.” “This currency trading is not something that is healthy because it is not about the (economic) performance of countries but it is about manipulation.” When asked if the Japanese yen or Chinese yuan could be used as the common currency in the region, the prime minister replied: “If we are trying to promote our own currency, there will be conflict." “But if we have a common currency for East Asia, a common trading currency that is not used in each country but for the purpose of settlement trade only, then there will be stability,” he said. “Trying to promote the yen or the yuan is not the way to go.” US SHOULD STOP LABELLING OTHER COUNTRIES: MAHATHIR Earlier this week, the United States added Malaysia to a watchlist of trading partners for currency practices, citing its foreign exchange intervention operations. Malaysia’s central bank has refuted the claim. In a statement on Wednesday, it said the Malaysian economy remains resilient, underpinned by strong economic fundamentals, including the flexibility accorded by a floating exchange rate and strong external balance. "Malaysia supports free and fair trade, and does not practise unfair currency practices," it said. Other countries, including Singapore, China, Germany, Japan, South Korea and Vietnam were also added to the list. On Thursday, Dr Mahathir hit out at the US for “labelling countries”. “The US is fond of labelling that country is no good, this country is no good and telling countries on ways to conduct their business,” he said. “You are not democratic. That is not for any single power to decide. If you want to live in a united world, stable world, we must resort to sustainability through agreement between all nations that have a stake in that problem." Read more at https://www.channelnewsasia.com/news/asia/malaysia-mahathir-new-regional-currency-gold-11579422 so is Dr M going kee chiu and spearhead the new regional currency ? ↡ Advertisement 3 Link to post Share on other sites More sharing options...
Playtime Twincharged June 1, 2019 Share June 1, 2019 Bitcoin la Link to post Share on other sites More sharing options...
Angcheek Hypersonic June 1, 2019 Share June 1, 2019 Old fox ... 4 Link to post Share on other sites More sharing options...
Jamesc Hypersonic June 1, 2019 Share June 1, 2019 (edited) What a good idea by my BFF. I suggest to name the new currency MCoin. Multi Currency opportunity investment notes Edited June 1, 2019 by Jamesc 1 Link to post Share on other sites More sharing options...
Lala81 Hypersonic June 1, 2019 Share June 1, 2019 Gosh. Haha then who's going to decide the exchange rate of your own currency to the new artifical east Asian dollar? The main reason why there's Greece, Portugal debt crisis etc is cos of the Euro! 3 Link to post Share on other sites More sharing options...
Evillusion Supersonic June 1, 2019 Share June 1, 2019 Old fox ... ð instead of saying rmb .. he say Gold.US labelled Malaysia as a currency manipulator last week.....i wont be surprised if this is the way Atok is trying to get back at US.... Link to post Share on other sites More sharing options...
Jamesc Hypersonic June 1, 2019 Share June 1, 2019 (edited) What a good idea by my BFF. I suggest to name the new currency MCoin. Multi Currency opportunity investment notes My BFF saw my post and he suggested MAHcoin Multi-nation Alternative Hedging Currency opportunity investment notes Edited June 1, 2019 by Jamesc Link to post Share on other sites More sharing options...
Tianmo Hypersonic June 1, 2019 Share June 1, 2019 Will we have "Myexit" or "Maexit" later? 1 Link to post Share on other sites More sharing options...
Jamesc Hypersonic June 1, 2019 Share June 1, 2019 Gosh. Haha then who's going to decide the exchange rate of your own currency to the new artifical east Asian dollar? The main reason why there's Greece, Portugal debt crisis etc is cos of the Euro! If what you are saying is joining the Euro is the cause of Greece, Portugal then do you suggest Greece and Portugal leave the Euro? Grexit and PortuGo? Link to post Share on other sites More sharing options...
Jamesc Hypersonic June 1, 2019 Share June 1, 2019 (edited) My BFF says the new regional currency MAHcoin should be based in the country in the middle of SEA. He suggest this country. Edited June 1, 2019 by Jamesc 5 Link to post Share on other sites More sharing options...
inlinesix Supersonic June 1, 2019 Share June 1, 2019 Gosh. Haha then who's going to decide the exchange rate of your own currency to the new artifical east Asian dollar? The main reason why there's Greece, Portugal debt crisis etc is cos of the Euro! It is fiscal mismanagement la. For Greece, i think Goldman Sach even help them to make some of these debts off-balance sheet. Once it is on balance sheet, karboomz. Link to post Share on other sites More sharing options...
BanCoe Hypersonic June 1, 2019 Share June 1, 2019 My BFF says the new regional currency MAHcoin should be based in the country in the middle of SEA. He suggest this country. Ha ha ha !! Long live Madhatter and his real BFF Soros 1 Link to post Share on other sites More sharing options...
Jamesc Hypersonic June 1, 2019 Share June 1, 2019 My BFF Dr just called me up and said he is worried people might think MAHcoin is named after him. He said its not true and as its based on gold. Metal Alternative Hedging currency opportunity investment notes. 3 Link to post Share on other sites More sharing options...
Vidz 6th Gear June 3, 2019 Share June 3, 2019 at least he didn't say durians... 99.99% MSW only Link to post Share on other sites More sharing options...
Yewheng Twincharged June 3, 2019 Share June 3, 2019 Gosh. Haha then who's going to decide the exchange rate of your own currency to the new artifical east Asian dollar? The main reason why there's Greece, Portugal debt crisis etc is cos of the Euro! This time round is a little but different, he proposed that is pagged to gold. Actually its a good idea, coz pagged to gold, no need to depend on usd and then usd goes up or down, print a lot of money will also not affect us. In long run is better for economy. 1 Link to post Share on other sites More sharing options...
Mkl22 Twincharged June 3, 2019 Share June 3, 2019 A crook is a crook la. Old mad hatter up to his tricks. 2 Link to post Share on other sites More sharing options...
Yewheng Twincharged June 3, 2019 Share June 3, 2019 (edited) A crook is a crook la. Old mad hatter up to his tricks. Must look at facts, try not to be too fast to judge based on past experience. Sometimes even if one is a crook, however the one comment may actually make very good sense, then use it la. Crook or no crook, as long as it benefits everyone, why not? Edited June 3, 2019 by Yewheng Link to post Share on other sites More sharing options...
mersaylee Supersonic June 3, 2019 Share June 3, 2019 Name it as MDB2 since 1MDB didn’t work out... ↡ Advertisement Link to post Share on other sites More sharing options...
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