By B.K. Sidhu, Muguntan Vanar,and Ruben Sario
The StarPetaling Jaya, Malaysia
Wednesday, March 30, 2005
KOTA KINABALU, Malaysia -- The U.S. dollar is facing an imminent collapse, Tun Dr. Mahathir Mohamad warned yesterday. The former prime minister told a conference of some 650 chief executives from 30 countries in Kota Kinabalu that a standard gold currency was the best alternative for international trade. The dollar was only retaining some value because of fears of a global economic catastrophe if it was rejected as a currency of trade, he said in his keynote address, "Leadership in the Age of Uncertainties -- The Effect of Global Events in Business."
"But the catastrophe will come one day, because even the most powerful country in the world cannot repay loans amounting to US$7 trillion," Dr. Mahathir said at the closing of the three-day international CEO conference.
"The uncertainty is with the timing, not whether it will collapse."