I DID IT MY WAY
PART (1)
Dr. Mahathir Mohamad
THE A$IAN MONETARY CRISIS
1997- 2000
Or George Soros & Our Part in his
Downfall
LONDON MEETING POINT
MALAYSIA MELTDOWN MEETINGPLACE.JPG
BUT HERE IS WHAT
REALLY HAPPENED
FAX
THE INSTITUTE FOR RATIONAL ECONOMICS. 11 STORTH LANE, SHEFFIELD S10.3HN
ENGLAND
TEL:00-44-(0)114-2630571. FAX:2630233. MOBILE 07771-941349
FOR THE ATTENTION OF DATO' ABDUL AZIZ BIN SHAMSUDIN
C/O THE FAX MACHINE OF DATIN ASMAH
00-603-291-0951
Dear Br.Abdul Aziz. I have been trying, unsuccessfully, for the past few days to forward a copy of
James Gibb-Stuart’s letter to Dr. Mahathir via me. I will try again but to be on the safe side I will send it
via Lady Asmah's fax.
I have heard the news about Anwar. He was certainly not independent of the banks. Please let me know
if we can be of assistance. James Gibb-Stuart and Mohammed Rafiq are standing by.
Yours sincerely
Daud Musa Pidcock
7/Sept/98
THE INSTITUTE FOR RATIONAL ECONOMICS
FAX COVER PAGE
For the attention of Dato Abdul Aziz Shamsudin
Prime Minister’s Office
P.M.Dept.
Jalan Dato Onn 5052
Kuala Lumpur
Malaysia
Fax number: 00-603-232-9227
October 5th 1997
NUMBER OF PAGES INCLUDING THIS (10)
John Kenneth Galbraith
"The study of money, above all other
fields in economics, is the one in which
complexity is used to disguise the truth
or to evade the truth, not to reveal it".
Money: From Whence it Came & Where
it Went?
-------------------------------
THE INSTITUTE FOR RATIONAL ECONOMICS
FAX MESSAGE
11 STORTH LANE, NETHERGREEN. SHEFFIELD S10 3HN
ENGLAND
FAX# 0044-114-2630571. FAX#2630233
For the attention of Dato Abdul Aziz Shamsudin
Prime Minister’s Office
P.M.Dept.
Jalan Dato Onn 5052
Kuala Lumpur
Malaysia
Fax number: 00-603-232-9227
October 5th 1997
Dear Brother Shamsudin, assalamalaikum.
Since our last meeting a number of important things have occurred. Not least, amongst which, was
the first gathering of “The Bromsgrove Group” a new forum for economic and monetary reform.
Brother Aziz Said attended on one day and was favourably impressed with the quality of the
delegates, their research, their solutions to escalating debt and their commitment to play a
proactive role in assisting Malaysia and other countries - including our own - to stand up to the
likes of George Soros and the pernicious system he represents.
They were all thrilled to learn of Dr. Mahathir’s outspoken comments delivered to the Annual
Seminar of the World Bank in Hong Kong on September 20th, in which he openly refers to
Rockefeller’s anti-trust activities and their: “beggar thy neighbour policies” which are the
hallmark of these advocates of unfettered “free trade” and “unregulated capital.” As
mentioned, we have an extensive library of books, speeches, and pamphlets, dealing with the
above issues and I have prepared a few additional items which will be useful in your existing
debate with Soros, and appropriate for the forthcoming Commonwealth Conference in
Edinburgh.
Of particular importance and relevance are the 1932 admissions, by Winston Churchill, that he
(like the Prime Minister of Malaysia 65 years later) was deceived into following the advice of the
financial “experts” of his day (whose offspring, unfortunately, are the economic advisers of
today). It is well understood, in economic and monetary reform circles, that following the
disastrous return to the gold standard, on advice received from Montagu Norman, the longest
ever serving Governor of the Bank of England, that Churchill was in favour of hanging him for
treason.
A point not lost on Eddie George, its present Governor, when he delivered the Churchill
Memorial Lecture at the Foundation J P Prescatore, in Luxembourg, on Tuesday the 21st of
February in 1995.
Edward Alan John George, Baron George known as
Eddie George, or "Steady Eddie” who was Governor of
the Bank of England from 1993 to 2003.
After attending Dulwich College and learning Russian at the
Joint Services School for Linguists during his National Service.
George joined the Bank after graduating from Emanuel College
Cambridge in 1962.
Apart from secondments to Moscow State University, the Bank
for International Settlements (Basel) and the IMF (International
Monetary Fund), he remained there throughout his career.
George was appointed Governor of the Bank of England in
1993, and retired on the completion of his second five-year
term of office on June 30th 2003. During his governorship the
Bank was given independence in setting (minimum) UK
interest rates by Gordon Brown the incoming Chancellor of the
Exchequer after the 1997 general election.
He was succeeded as Governor of the Bank of England in July
2003 by Mervyn King. He was given a life peerage in June
2004 as Baron George, of St Tudy, in the County of Cornwall.
He was appointed a Deputy Lieutenant of Cornwall in March
2006. He has one daughter: Liz George - a journalist.
THE ECONOMICS OF EMU - European Monetary Union.
Foundation J P Prescatore,
Luxembourg, Tuesday the 21st of February in 1995.
“Prime Minister, Ministers, Your Excellencies, Ladies and Gentlemen. Sir Winston Churchill whose memory we celebrate this evening - was a great Englishman and a great European…It
is a very great honour to have been invited to deliver this 21st Churchill Memorial Lecture to
such a distinguished audience here in Luxembourg…I am delighted to be here - delighted but
also, frankly, somewhat nervous. I am nervous because deep in the consciousness of the Bank
of England is an awareness that it was one of my predecessors as Governor, Montagu Norman,
who, in 1925, advised Winston Churchill to return to the gold standard. That was - I hasten to
point out - well before I was born! But our experience of fixing sterling’s exchange rate parity,
in the conditions of that time, was deeply unfortunate. And shortly before we were forced off
gold again in 1931 Winston Churchill wrote to Edward Marsh, his Private Secretary:“Everybody I meet seems vaguely alarmed that something terrible is going to happen
financially. I hope we shall hang the Governor of the Bank of England if it does. I will
certainly turn King’s Evidence against him!”
CHURCHILL’S “HIDEOUS OPPRESSION” SPEECH TO THE HOUSE OF
COMMONS. BUDGET PROPOSALS. HANSARD.
Vol. 264, 21ST April 1932.

A CAUTIONARY TALE FOR THOSE FOOLISH ENOUGH TO CONTEMPLATE
HITCHING THEIR ISLAMIC CREDENTIALS TO GOLD – UNLESS OF COURSE
THEY HAVE UNLIMITED SUPPLIES OF THE STUFF AND CAN FIX ITS PRICE
ACCORDINGLY.
IMAM GAZZALI & ABRAHAM LINCOLN RECOGNISED THE FOLLY OF
PEGGING AN INFINITE SUPPLY OF WEALTH - GOODS AND SERVICES – TO A
FINITE SUBSTANCE SUCH AS GOLD –
AND OF COURSE, NOT TO FORGET THAT - MONEY IS NOT WEALTH!
CHURCHILL’S “HIDEOUS OPPRESSION” SPEECH TO THE HOUSE OF
COMMONS. BUDGET PROPOSALS. HANSARD.
Vol. 264, 21ST April 1932.
“When I was moved by many arguments and forces in 1925 to return to the gold
standard I was assured by the highest experts, and our experts are men of great ability
and of indisputable integrity and sincerity…that we were anchoring ourselves to reality
and stability; and I accepted their advice. I take for myself and my colleagues of other
days whatever degree of blame and burden there may be for having accepted their
advice. But what has happened? We have had no reality, no stability. The price of gold
has risen since then by 70 per cent. That is as if a 12-inch foot rule had suddenly been
stretched to 19 or 20 inches, as if the pound avoirdupois had suddenly become 23 or 24
ounces instead of - how much is it? - 16. Look at what this has meant to everybody who
has been compelled to execute their contracts on this irrationally enhanced scale. Look
at the gross unfairness of such distortions to all producers of new wealth, and to all that
labour and science enterprise can give us. Look at the enormously increased volume of
commodities which have to be created in order to pay off the same mortgage debt or
loan. Minor fluctuations might well be ignored, but I say quite seriously that this
monetary convolution has now reached (such) a pitch where I am convinced that the
producers of new wealth will not tolerate indefinitely so hideous oppression…”
When Churchill raised this it was in 1932, only 14 years
after the end of the ‘Great War’ in 1914-18 and 7 years
before its PREDICTED resumption, WITHIN less than
25 YEARS.
In 1918, on the eve of the signing of the Armistice,
Silvio Gessel, published the following article in the
German newspaper Zietung am Mitag
Silvio Gesell’s accurate prediction of a resumption of
hostilities in less than 25 years was published in Zeitung am
Mitag in Berlin in during the signing of the Armistice in 1918
“In spite of the holy promise of all people to banish war, once
and for all, in spite of the cry of millions 'Never a war again,'
in spite of all the hopes for a better future, I have this to say: If
the present monetary system, based on interest and compound
interest, remains in operation, I dare to predict today, that it
will take less than 25 years for us to have a new and even
worse war. I can foresee the coming development clearly. The
present degree of technological advancement will quickly
result in a record performance of industry. The buildup of
capital will be rapid in spite of the enormous losses during the
war, and through its over-supply will lower the interest rate.
Money will then be hoarded. Economic activities will diminish
and increasing numbers of unemployed persons will roam the
streets ... within the discontented masses, wild, revolutionary
ideas will arise and also the poisonous plant called "SuperNationalism" will proliferate. No country will understand the
other, and the end can only be war again.”
Winston Churchill’s 1932 speech (full text attached), clearly demonstrates that
this “usurer-friendly” system - which we can see from Silvio Gessel’s observations
- has, in one form or another, caused most if not all the wars and difficulties of the
past continues to play a pivotal role in those of today, and will, if the present
system remains in place, lead to more and more in the future. For, contrary to
popular belief, interest (regardless of its rate or percent) is usury by another
name. The word ‘interest’, is a deceptive substitute, designed to legitimise the
crime of usury and make the consequences of its use seem innocuous. Usury is:
‘the tap-root from which most injustices flow, and the prime reason for its
condemnation in the Qur’an. Which points out that war is visited on all who
permit it to flourish in their societies. (1)
The above passages clearly endorse Dr. Mahathir’s decision to
pick up the gauntlet of George Soros and defend his country from
his attacks and the attacks of others like him “who love to reap
where they never sowed”. In paragraph 21 of his speech, he points
out that he received similar bad advice from similar “experts”
among “the rich and the mighty countries” and who, like
Churchill, regrets having followed it. Nowhere did the advice
given to Dr. Mahathir carry a Government Health Warning or
cautionary - Caveat.
The Prime Minister stated that: “We were told that we must allow
our money to be traded outside our country. We were told to
permit short selling, even to let trading in borrowed shares to be
legalised. We must allow for speculation.” This, in spite of the fact,
as William Keegan pointed out in the Observer of September 28th
1997, that: “Those who live by the inflow [always] risk being
drowned by the outflow. (And) Few nations are as open to flows as
Malaysia.”
Dato - It is worth noting that the ‘Tiger’ economy of Malaysia in 1997, is in exactly the same
situation the ‘Bulldog’ economy of Britain has been periodically finding itself in since records
began. However, the frequency with which these have occurred, increased dramatically after the
founding of the Bank of England in 1694. Of which its founder, William Paterson, is said to have
stated that: “The Bank of England hath benefit on all monies it creates out of nothing”.
Two years later, in 1696, records show that the bank had legally - but fraudulently and immorally
created - (out of nothing, and at tiny cost) - the sum of £1,657, 996 against its actual cash in hand of
only £33,664. Thus, the foundation of the world’s “Trade Cycle” was laid by the forefathers of the
rich individuals, in those self-same “rich and powerful countries,” who advised Malaysia to pursue
policies full of “classical nonsense” which were known to have derailed Britain’s economic activities
in:- 1720; 1729; 1763; 1810; 1816; 1821; 1825; 1826; 1833; 1839; 1844; 1847; 1857; 1860; 1866;
1870; 1890; 1914; 1925; 1927; 1929; the 1930’s etc., etc., etc – with the next one always just around
the corner waiting to happen – or artificially precipitated.
Had the Honourable Winston Churchill and the Honourable Dato Seri Dr. Mahathir been advised
correctly, they would have been asked to take into account the plans of David Ricardo who, in 1823,
called for the establishment of a National Bank of England - which, if followed, would have
eliminated the destructive opportunities of perpetual speculation and the inane imperative - (some say
fetish) - of the policies which demand that we: “export or die” or insinuate the notion that we can
only have: “guns or butter?”
THE BANK OF ENGLAND, EDDIE GEORGE, MALAYSIA & BANK NEGARA
In his speech to the International Conference on Islamic Banking & Finance on the 28th of
September 1995, at the Markfield Conference Centre, Leicester, England. The Governor of the
Bank of England, Eddie George, made several references to banking in Malaysia, of particular
concern is the following one:“…I have been especially interested in the development of Islamic Banking in Malaysia, where
the central bank, Bank Negara, has taken the lead in establishing standard definitions for
Islamic financial products and introducing a degree of standardisation of procedures”.
“They have also encouraged what in a European context might be called “critical mass”, with a
large number of players, a broad range of instruments and the development of an inter-bank
market. I look forward to learning more about all these developments when I visit Governor Don
in Malaysia next month”.
It would be interesting to find out what Eddie George “learned” during his visit, and what
“expert advice” he gave to Dato Ahmad Muhammad Don, Governor of Bank Negara, when he
visited him in Malaysia during October 1995. What ever the case may be. It is abundantly clear
that by encouraging the development of a broad range of “critical mass products” that these, and
other loopholes, were easily turned into instruments of mass destruction against Malaysia by
George Soros, Eddie George and other financial predators. Establishing an inter-bank market in which money is traded like a commodity - contains the seeds of its own self-destruction.
Hopefully, Malaysia has now come to recognise the present banking system - together with all its
so-called “Islamic” variations on a theme - is irredeemable.
RIBA?
THE BUCK
FINALLY
$TOP$ HERE
“The masses are content to
live in slavery when the elite
from among them are
constituted their overseers”
BUT THE IMF, WORLD BANK AND
GEORGE SOROS, HAD NOT RECKONED
ON DR MAHATHIR MOHAMED, HAVING
DIFFERENT VIEWS ON THE MATTER.
BECAUSE HE SENT OUT A NUMBER OF
TRUSTED ASSOCIATES TO SEE WHAT
COULD BE DONE TO DEFEND MALAYSIA
AND IT’S NEIGHBOURS FROM THE IMF
(INFANT MORTALITY FUND) AND THEIR
PERNICIOUS SYSTEM.
SOME OF US MET WITH THEM HERE IN LONDON
I DID IT MY WAY
Dr. Mahathir Mohamad
THE A$IAN MONETARY CRISIS 1997- 2000
George Soros & Our Part in his Downfall
For the attention of Dato Abdul Aziz Shamsudin
Prime Minister’s Office
P.M.Dept.
Jalan Dato Onn 5052
Kuala Lumpur
Malaysia
Fax number: 00-603-232-9227
October 5th 1997
Dear Brother Shamsudin, assalamalaikum.
Since our last meeting a number of important things have occurred. Not
least, amongst which, was the first gathering of “The Bromsgrove Group”
a new forum for economic and monetary reform. Brother Aziz Said from
the Malaysian High Commission in London attended on one day and was
favourably impressed with the quality of the delegates, their research,
their solutions to escalating debt and their commitment to play a proactive
role in assisting Malaysia and other countries - including our own - to
stand up to the likes of George Soros and the pernicious system he
represents. Please find attached our 5 point Survival Plan:-
THE FIVE STEPS TO ECONOMIC SELF-PRESERVATION AND SURVIVAL
PROVIDED BY DAVID PIDCOCK FOR DR. MAHATHIR MOHAMAD WERE
DESIGNED BY JAMES GIBB-STUART AND READ AS FOLLOWS:(1): Firstly a measure of foreign exchange control is necessary, to prevent
the nation’s reserves, its financial lifeblood, being sucked out by
speculators.
(2): Secondly, that the progressive and accelerating liberalisation of
financial markets should be reversed, as this advance towards a global
economy robs developing peoples of the benefits of their own national
resources.
(3): Thirdly and for the same reason, there should be no inclination to
privatize/piratise national assets as a device for paying off government
debt. Such assets belong to the people, and should not be put up for
auction, particularly where market forces can consign them to foreign
ownership.
British experience of privatisation proves that selling assets to reduce
the national debt is only a temporary expedient. They can only be sold off
once, and when they are gone, the cycle of debt and borrowing
continues. In the matter of existing loans that have gone sour, it is
impossible to generalise. But each situation must be dealt with on its
merits and, wherever possible, to try and prevent the creation of
acrimony and any trade reprisals that might result.
(4): Fourthly, every endeavour should be made to avoid further
borrowings, particularly in the form of US dollars. The recent round of
currency devaluations has shown this to be a treacherous device whereby
international entrepreneurs can buy up the local economy at bargain
basement prices.
(5): At this stage a clear appreciation is needed of what constitutes money,
wealth and resources.
Even without the lure of foreign financial inflows, we must ask, to what
extent is the nation impoverished?
The sun still shines.
The crops still ripen.
The eager workman's hands and skills and energies are in no way
diminished -- provided he can have faith in his Government to protect his
earnings and ensure an adequate reward for himself and his family – for
more read Lincoln’s 1865 Declaration handed to you at Langkawi by David
Pidcock.
Even in conditions of economic crisis, the primary priority is not to pay
the bankers or reassure the stock markets, but rather to see that the
people are properly fed and housed.
A child dying of malnutrition in the midst of plenty is a crime against
humanity and a blight on the bounty of Mother Nature. It comes, therefore,
as no surprise to learn that in places like the Sudan and elsewhere in
Africa that IMF stands for Infant Mortality Fund.
That is why IMF 'bail-outs' which hinge upon further foreign borrowing,
liberalisation of markets and cutbacks in social expenditure, should be
rejected absolutely.
Fortunately, support for this viewpoint is finally coming through from
Western sources, where the more independent-minded economists are
now contending that the IMF and its harsh methodology should be
drastically revised or abolished.
When we met Dato Abdul Aziz Bin Shamsudin in London, we spoke about
debt-inflicted Eastern nations turning back upon themselves, looking
inward at their own basic strengths and resources – Malaysia can and
should resort to the same measures.
THESE FIVE STEPS - Which include: Stopping the hemorrhage of
national reserves by means of exchange controls; reversing the
liberalisation of financial markets; rejecting the privatisation of public
assets; avoiding foreign loans or further borrowing; and steadfastly
maintaining social programmes, with government created debt-free
money when and wherever necessary -- all of which fly in the face of IMF
outrage -- will cause any charismatic leader to be smeared and ridiculed
at home and abroad – as the saying goes: “Be ye chased as ice and pure
as snow, you will not escape calumny”.
Furthermore, like any Prime Minister or President he and his followers
must look to their personal and governmental security, avoiding the risk
of physical or political assassination and losing no opportunity to tell the
public what they are doing and why they are doing it; laying it continually
on the line that the current financial crisis is not his crisis, or their crisis,
but a crisis of Western economics and its failed monetary system which
will ultimately devour the whole of civilisation if it is not resisted and
amended.
Thomas Jefferson, realized too late that the
Founding Fathers had also been misled, writing
the following in 1815 to Treasury Secretary
Gallatin:
"The treasury, lacking confidence in the country,
delivered itself bound hand and foot to bold and
bankrupt adventurers and bankers pretending to
have money, whom it could have crushed at any
moment."
However, at this juncture, it is still not too late for
Malaysia to apply a workable home grown
solution.
Yours Sincerely.
JGS. (James Gibb-Stuart) October 5th 1997.
I DID IT MY WAY
END OF PART (1)
Dr. Mahathir Mohamad
THE A$IAN MONETARY CRISIS
1997- 2000
Or George Soros & Our Part in his
Downfall
DAVID M PIDCOCK
david_pidcock@hotmail.com