The Governor of the Bank of England has advised printing money to overcome Britain’s financial crisis. This is a great idea. When you lose money just print money to make up for the losses. The United States had printed 300 billion USD to bail out banks and overcome the crisis. Of course if Malaysia had printed Ringgits to pay off debts during the financial crisis we would be soundly condemned. No one would accept our Ringgit and we would be bankrupted. But rich countries apparently can print money to pay debts.
Malaysia wishes to become a high-income economy. We are busy increasing wages and salaries. Already our labour cost is higher than all ASEAN countries except Singapore.