Word: suhartos
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...Just two years ago I was addressing Harvard in very different circumstances," he said. "[now-deposed Indonesian president] Suharto and the Asian Tiger myth made Indonesia appear invincible [at the time...
...Mahathir had just fired him, he probably would have prevailed," says TIME senior foreign correspondent Johanna McGeary. "Instead, he's made a martyr of him." McGeary points out that it was similar social unrest that toppled President Suharto in Indonesia. Mahathir said at the time that the IMF was responsible for that uprising. This time, he's got no one to blame but himself...
Indonesia too continued to receive billions in foreign cash despite years of the most egregious corruption and nepotism sanctioned by President Suharto. Apologists argued that funneling contracts to his children did not matter too much since the projects--new roads, factories, airports--did get built. If they cost more than they should have, the projects still contributed to annual economic growth of more than 6.5% for 25 years. When the "corruption surcharge" helped destroy the rupiah and emergency austerity measures threatened to starve a population where almost 50% are now on or below the poverty line, riots drove Suharto from...
...foreign currency speculators. And of course on George Soros, a rich Western Jewish foreign currency speculator whom Mahathir calls a "criminal" and "a moron." Mahathir believes the IMF, far from wishing the current crop of East Asian leaders a speedy recovery from their current economic crises, engineered Indonesian president Suharto?s fall and would like very much to bring about his own. So it shouldn?t have come as too much of surprise when the defiant Dr. Mahathir threw the switch Tuesday on a plan that has the Western economic establishment covering its eyes in horror -- but also peeking through...
Like a horror movie in which the monster keeps coming back, Indonesia can't seem to shake off Suharto. The New York Times reports that the former dictator is courting military officers and offering to fund the campaigns of legislators who pledge loyalty -- meaning that they'll do everything in their power to protect the wealth amassed by Suharto's family during his 30-year reign. The news comes as no surprise. "Suharto would not have stepped down without cutting a deal to protect his family's wealth," says TIME U.N. correspondent William Dowell. "The military gave him certain guarantees...