I am very sure, Indonesians at my age and above were very much hit in the financial crisis in 1997-1998. No, it wasn’t only financial crisis. Our government administration also lost the mandate, and the country was in a big chaos, worst than in 1965. The wave of the crisis was felt across the archipelago, from the westernmost point of Sabang Island, to the very east spot of Merauke. IMF, the extension of west political wing did a good job, not only by making our financial foundation became weaker, but also to create a bad image worldwide over Indonesian economic stability. The US was very much involved in creating the chaos, the CBS system was finally left hampered because the initiator was told by Bill Clinton not to apply the system, as it would make President Soeharto and his administration remained in place.
The US, supported by Europe, lectured Asia during the crisis 1997-1998, our government were told not to be overleveraged, to strengthen regulation, to be more transparent, to reduce the role of the state in our economies, etc. Were they a good lecturers? HELL NO !
It is always easier to dispense advice than to follow one’s advice. The US, and Europe DO NOT practice what they’ve been lecturing to Asian. Their economies are overleveraged at all level. Its regulatory structure are completely weak. It’s financial products are proven to be far from transparent.
US is the biggest debtor country on the whole planet with amounted to $10 trillion, averagely, each American has NINE credit cards, and…the government has dipping their pocket to over $1.5 trillion to bailout the troubled companies, banks, insurances, car producer, etc. WHAT THE F**K are these ?
Funnier thing is, their Federal Reserve Chief said that this crisis was resulted from global imbalance, particularly the EXCESSIVE SAVING of Asian countries. Crazy! We were blamed when we have too much debt, as well as when we have too much saving.
One free advice from this not-so-smart Indonesian for the US, and Europe.. BE HUMBLE, and REFRAIN FROM LECTURING. Use both your brain and heart, not only Blame and Bomb !
The US, supported by Europe, lectured Asia during the crisis 1997-1998, our government were told not to be overleveraged, to strengthen regulation, to be more transparent, to reduce the role of the state in our economies, etc. Were they a good lecturers? HELL NO !
It is always easier to dispense advice than to follow one’s advice. The US, and Europe DO NOT practice what they’ve been lecturing to Asian. Their economies are overleveraged at all level. Its regulatory structure are completely weak. It’s financial products are proven to be far from transparent.
US is the biggest debtor country on the whole planet with amounted to $10 trillion, averagely, each American has NINE credit cards, and…the government has dipping their pocket to over $1.5 trillion to bailout the troubled companies, banks, insurances, car producer, etc. WHAT THE F**K are these ?
Funnier thing is, their Federal Reserve Chief said that this crisis was resulted from global imbalance, particularly the EXCESSIVE SAVING of Asian countries. Crazy! We were blamed when we have too much debt, as well as when we have too much saving.
One free advice from this not-so-smart Indonesian for the US, and Europe.. BE HUMBLE, and REFRAIN FROM LECTURING. Use both your brain and heart, not only Blame and Bomb !
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