Malaysian PM Mahathir proposes new regional currency based on gold

TOKYO: Malaysian Prime Minister Mahathir Mohamad on Thursday proposed to create a new “special currency” for the region based on gold, replacing the existing currency trading regime.

“We can make settlement using that 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.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.

“What happened? The currency traders sold the Malaysian currency and the value of Malaysian currency depreciated.” 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."

How to trust anything u say, Tun? How many agreements has Malaysia backed out of or is in the process of doing so? You just cant make long term plans with a leader/country which regularly reneges on its commitments and agreements fact

Hes only saying this becos his RM is weak..assuming the ringgit is stronger than his regional neighbors, do you think he would even bother to propose this

LukeGromen

And he should just focus on getting his country’s debt cleared or reduced instead of all these suggestions.

Whatever that comes out from this old snake’s mouth, Singaporeans need to be very wary of. He can prata his words on many things and not to be trusted. If EU didn’t work out on the common currency, I doubt it will work for ASEAN/SEA and beyond.

There is a new player in town...

bonker99 Some leaders that talk like that ended up having a revolution at his door.

LukeGromen Hmmm...I'd avoid plane rides from here on out if I were him.

It's coming - get over it.

LukeGromen Now were talking

Right. Countries should revert to the GoldStandard which functioned quite well until the 1940s. Gold is a valuable commodity worldwide and its value is less susceptible to fluctuations in interest rates & $US manipulation. What about pegged cryptocurrency?

I'm no fan of mahathir but he got it right regarding gold.

Going by some of the replies to this tweet, just goes to prove my point that masses are clueless, with regards to gold. LukeGromen

Is he joking or he need to see a doctor?

Already have what. Burn more for him

Repeat of Asian Money Crisis period. No. Spooks

Therer he goes again talking nonsense and hallucinating...

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