Friday December 3, 2004
US living on borrowed money, says Dr M
DUBAI: Tun Dr Mahathir Mohamad has described the United States as “a deficit state living on borrowed money” which owes huge sums to the rest of the world.
“If people do not keep giving money to the US, it will go bankrupt,” he told local newspaper Gulf News in an interview that was published on Wednesday.
He said the American giant had “feet of clay” and its biggest weakness was the dollar.
Dr Mahathir said Malaysia had avoided losses to its foreign exchange reserves despite the decline in the value of the dollar by building its euro and gold holdings.
“Why are we clinging to the US dollar when we know we are going to lose money?” he asked, adding that countries opposed to the “bullying” by Washington should use the dollar to force a change in American policies.
He was here on Tuesday for a short visit. – Bernama