I read Chin Hin Low's letter 'Malaysia going down Argentina's Way' (Jan 11) comparing Malaysia to Argentina with some amusement but also anger.

Such simplistic comparisons are not only stretching the truth but also bordering on paranoia. Let me just take up the point of pegging the currency.

Argentina pegged its currency to the US dollar on a one to one basis. That in itself increased the cost of its products and services and thus limiting its market. Malaysia, or rather our PM, Dr Mahathir pegged it at a reasonable rate which made our products and services so much more appealing to an even wider market.

Perhaps we should not forget that Argentina has been a 'client' of the IMF and in part that has further complicated matters for them.

People, both local and foreign, have been running down our government, and particularly Dr Mahathir, till no end. Why? Look around you. Our country is now developed. Twenty years ago we were a sleepy back water third world nation. Look where we are today.

Some locals have taken all this development for granted and now sit in ivory towers and run our nation down for mostly imaginary problems (but some real).

Is there nothing that Dr Mahathir does that is good? Think for a moment. Is there an honest business person who has never told a lie, deceived, exaggerated, used friends (and the list goes on) in order to succeed in business?

When the business person is successful it is attributed to shrewd business acumen. The measure of success of a person is where the person is today and not how he/she got there. The same goes for politics. Dr M has done what he had to do and look where we are today. Is that not a measure of success?

At the height of the Asian economic crisis people were saying that we were all going to suffer and fade away. When we did not, it was then said that when the foreign capital controls are lifted a year later, we would all suffer and fade away.

But we are all still standing. Does that not speak for the success of our nation? Dr Mahathir is a visionary and statesman. He is not perfect but than no one is. Let's acknowledge that and not deny his leadership.

And oh yes, one more thing. There is no likelihood of us heading Argentina's way.