“Former Malaysian Prime Minister Mahathir Mohamad, who fought off an attack on the ringgit with capital controls during the Asian financial crisis, said currency trading is “silly” and the world should return to the Bretton Woods System of fixed exchange rates.

Currency wars are futile and the U.S. Federal Reserve’s latest quantitative easing plan will result in hot money pushing up prices in small countries, the 85-year-old said in an interview in Kuala Lumpur today. The Fed on Nov. 3 said it intends to buy an additional $600 billion of Treasuries to foster growth.” Read more.

“Mahathir Says Currency Trading ‘Silly’, Advocates Return to Peg”
Barry Porter and Haslinda Amin
Bloomberg, November 16, 2010.

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