Some History to be remembered

Eddy said: I'm not sure how many Malaysian out there old enough to recall financial incidents that happened in the past 20 years? Ya, you might remember the Asian financial crisis 1997, Japan financial crisis 1989, US black monday 1987, Russia Default 1998 and many more, but particularly you do need to remember 1992-1993 Bank Negara Malaysia (BNM) jokes with the country's money. When too much power is placed under a single authority entity, usually the entity strew itself up and dragged the comrades down together to the den of burning hell fire.

The situation in Malaysia is persistent enough to allow many of these disasters to haunt us, the pityful and powerless people, again and again. I hate to repetitively say this in my blog, but transparency is too important in order for us to move towards a better Malaysia. Specifically, we must keep a bigger eye on GLC companies, on government agencies and people high up in the authority to ensure proper control and procedures.

Read up the following articles/pages to understand 1992-1993 BNM loss making bets.

Lim Kit Siang - The BNM RM30 Billion Forex Losses

Forays into forex: Bank Negara's RM9.3b loss


Wiki: BNM