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...this adds up to perhaps the gravest challenge to global capitalism since the Great Depression. And suddenly everyone from Malaysia's dictatorial Mahathir Mohamad to President Bill Clinton and British Prime Minister Tony Blair are calling for reform of the international monetary system that has held sway for a half-century. Their ideas range from Mahathir's ban on currency trading in depression-mired Malaysia to the Clinton Administration's talk of a new "global financial architecture" that would preserve a relatively free flow of capital while reducing the volatility of world financial markets. Says Treasury Secretary Robert Rubin: "Clearly...

Author: /time Magazine | Title: Stickier Money | 10/12/1998 | See Source »

Haphazard controls are not even much help to countries that impose them, because they choke off foreign investment just when it is most sorely needed. To make matters worse, Malaysia looks ready to use its controls to ease pressure on Mahathir's debt-ridden cronies instead of attempting to fix its shattered economy. Meanwhile, Hong Kong authorities find themselves stuck with $15 billion worth of stock that they purchased in August to prop up the market. Selling the shares now would drive down prices...

Author: /time Magazine | Title: Stickier Money | 10/12/1998 | See Source »

KUALA LUMPUR, Malaysia: Having jailed his last No. 2, Malaysian prime minister Mahathir announced Tuesday he's looking for a new successor. But TIME reporter William Dowell says don't raise your hand -- it's a promotion to the lion's den. "It will take a lot of courage to accept this job," he says. "Mahathir's economic policies are slowly making things worse, and political opposition is growing. When Mahathir steps down, he'll leave his successor to face the wrath...

Author: /time Magazine | Title: The Dirtiest Job in Malaysia | 10/6/1998 | See Source »

...Whoever gets tapped had better watch his step around the boss; ousted deputy Anwar Ibrahim has appeared in court covered in bruises and on Nov. 2 will stand trial for corruption and sodomy -- charges that Dowell suspects Mahathir dreamed up after watching the Republicans go after Bill Clinton on CNN. "Anwar's only crime seems to be that he had a viable political following," Dowell says. High up on the next No. 2's r?sum? will be a lack of any outside support whatsoever -- which will go awfully hard on him when he finally gets...

Author: /time Magazine | Title: The Dirtiest Job in Malaysia | 10/6/1998 | See Source »

Prime Minister Mahathir Mohamad seems to believe that all Malaysia's current economic woes can be blamed on speculators and traders [VIEWPOINT, Sept. 21]. This shows a naive understanding of how free markets actually work. When investors have confidence in a country, they will bring capital into it. When they lose confidence, they will pull their capital out. It's their capital. They can use it as they wish. Mahathir has no right to regulate outflow of capital when he originally welcomed it with open arms. To say otherwise is nothing but complete hypocrisy. HUGH BROWER Stamford, Conn...

Author: /time Magazine | Title: Letters: Oct. 5, 1998 | 10/5/1998 | See Source »

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