| I refer to the letter US has never had equitable trade balance with M’sia. The mere fact that Malaysia's trade balance in US dollars happens to have been in favour of Malaysia for many years does not mean that the US does not dominate the Malaysian economy. Rather, it is an indication that it does.
With many US multinational-owned production plants based in Malaysia, any internal trading within multinationals - like the export of goods back to the US - will appear in Malaysia's statistics as an export value. This figure will rise further when more of the Malaysian economy is owned by a foreign country.
The point is we are locked in a dollar economy where we produce goods, hence value, which we exchange for US dollars. But US dollars are a valueless fiat currency which the privately-owned US Federal Reserve Board can print in any amount of, and which we can only spend on buying products and services within the dollar economy, not on improving our own country and rasing our own people's standard of living.
New York-based economist Henry CK Liu advocates us selling our goods denominated in the Malaysian ringgit as this would give Malaysia and Malaysians more money to internally spend on things which would benefit us.
Otherwise, we end up producing dollar-based ‘value’ which enables Americans to enjoy a good life at our expense. The same applies to all countries locked in the dollar economy.
In fact, it is we that are subsidising the tin-pot, pro-Zionist, neo-conservative dictatorship in the US and not the other way around.
Liu's extensive writing on the dollar economy is available here. |
NEWS
