In fact, countries under IMF supervision are now considering lowering interest rates due to the deepening recession. This statement is wrong. The Malaysian government has never been hostile to foreigners. It has blamed the currency speculators but not foreigners in general. I object to your view on conventional wisdom.
Economists differ on how to resolve the international financial crisis.
There is always an economist one can quote in order to support an opinion. Malaysia's recent moves to ease monetary policy will not be the last, in our view. In addition, de Venecia was specifically cleared by Senate President Ernesto Maceda, head of the opposition in the Senate who first exposed the land deal controversy that sparked the series of investigations. Interestingly, the Senate investigation was conducted by opposition luminaries and lasted over five months, grilling 53 witnesses. Over the years, Speaker de Venecia publicly supported land reclamation as part of national strategy since Hong Kong and Japan and other places achieved great progress partly by reclaiming land from the sea.