HS Dillon, you have done it again writing a fantastic, courageous, thought provoking article, How poverty relates to peace, in The Jakarta Post, Oct. 16.
Read this with another story, Indonesia is not a poor country on page 6, under “Other opinion” in the same edition — the decade-old Indonesian monetary crisis is summed up in two simple articles.
Well, I never believed there was a real monetary crisis in Indonesia. It was a man-made, and manmishandled series of crises (or opportunities?) out of which 100s richly benefited at the cost of millions of Indonesians.
All are aware that most of the capital flight during 1997-1999 was Indonesian money and only a small portion of it foreign capital. And it is common knowledge that the money is very much there, in hard cash.
With such a huge amount of Indonesian money parked in front of our eyes, see how the safe-keeper has progressed and prospered during the last decade, with construction and businesses booming everywhere, expansion of airport(s), buildings, bridges, land-reclamation, hosting international summits and conferences, deploying state-of-the-art security systems, and what not — no dearth of capital for any developmental and/or innovative activity/project!
Fair enough, the money that came in unsolicited was well-kept with full legality and responsibility, well-deployed and very efficiently managed, of course. It was totally a win-win situation for both the depositor and the recipient. No issue about it.
Imagine, Indonesia managing to bring back a good part of the Indonesian money that flew from its shores during that crisis period and subsequent years. Would there be any need for us to travel to the other side of the earth soliciting investments into this rich country?
In my opinion, it is never too late to start doing the right thing, or start moving in the right direction. We should immediately start evolving a strategy, invent a methodology and mechanism to bring back at least 50 percent of the lost capital, which fortunately for us, is still very much there, in front of our eyes!
If we don’t have a mechanism to punish the embezzlers and bring them to book, let us go ahead and embrace them, paving the way to bring back their money into Indonesia — the focus should be just to get the capital flowing back, which is rightfully Indonesia’s. There need not be any kind of feeling in doing this, malu-malu (being ashamed), ego, the thought of what-will-others-think, defeatist attitude or whatever.
In order to achieve it, come on, let us start looking for the Muhammad Yunus of Indonesia to invent the right strategy and implement it. Who knows, his name could be HS Dillon.
RANGA NATHAN
Jakarta