Dr M offers sarcastic apology for 'solving' 1997 financial crisis, helping tycoons

Prime Minister Dr Mahathir Mohamad (above) has come out with a highly sarcastic blog post in which he 'confesses' that he 'solved' the country's financial problems' during the Asian Financial Crisis of 1997-98 for the benefit of a few tycoons.

"I admit I was involved in the creation of a solution to the financial problems in 1997-1998. And yes, the way in which we solved the crisis was also of benefit to tycoons in Malaysia."

"It would have good if we didn't help the tycoons and let them and their businesses lose money, fail and have to close down," he said.

Mahathir added that if the government had allowed this, all the tycoons' staff, would be left unemployed.

He went on to indulge himself in the hypothetical extrapolation of a Malaysia without tycoons.

"Our exports would have declined and there would have been no flow of foreign currency into our country.

"The government would have lost corporate and income tax revenue as most taxes are paid by the taxpayers. Most of the government funds would have been lost. The country's operations and development could not continue. All infrastructure could not be developed," he went on, giving full vent to the fears of adherents of trickle-down economy.

Taking his passionate defence of tycoons further, Mahathir said that in such a scenario, tycoons would be charged with tax evasion and join the ranks of the nation's poor.

He went on to cite the scenarios in other countries around 70 years ago in which tycoons were murdered and their property confiscated.

Incidentally, 70 years ago was when the Communist Party gained power in China and began the process of nationalisation. It's not clear which other countries might fit this example, although the late 1940s saw social upheaval in many countries rebounding in the aftermath of World War II.

"If we wish to, we can get rid of all these tycoons. Don't help them. Let them go bankrupt. We will help only those who are not tycoons."

"But how can we help non-tycoons when there is no tax money coming in from the tycoons?" he asked.

He wound up his post by once again apologising for resolving the 1997-1998 financial crisis in favour of tycoons.

It is unclear just what triggered the prime minister into launching this mystifying tirade.