The Malaysian Prime Minister, Dr Mahathir Mohamad, yesterday appealed to Malaysians to join arms against foreigners he said were trying to capitalise on the nation's economic plight to recolonise the country.
"We know there are attempts to recolonise us," Dr Mahathir said, in a speech prepared for delivery over nationwide television on the eve of the Muslim Idul Fitri festival, celebrated by more than half of the country's 21 million people.
"The fight against colonisation by foreigners is the responsibility of all Malaysians," he said.
Malaysia, which gained independence from Britain in 1957, has lost billions of dollars from its financial system since the start of the Asian financial crisis six months ago. The ringgit has lost 45 per cent of its value against the US dollar while stocks have tumbled by about 50 per cent, putting an abrupt end to nearly a decade of high economic growth.
At the outset of the financial crisis, Dr Mahathir aimed much of his criticism at foreign investors, accusing currency traders of conspiring to bring down the ringgit and stock prices.
A group of US legislators in November introduced a resolution in Congress calling on Dr Mahathir to apologise for reported remarks about Jews.