With reference to Sang Kancil's letter ([#1]Reject funds to ensure credibility[/#], March 9), I remember George Soros made some 1 billion out of the currency crisis in UK. Instead of blaming Soros, the UK government realised that its monetary policy was unsustainable and opted out of the ERM policy. The same applied to some members of the European Union.

Simply put, governments cannot defend a pegged currency unless they have sufficient reserves to buy the whole supply. The real guilt for the economic crisis cannot lie with foreign speculators and hedge funds, rather the regulators and economic policymakers who failed to address the fundamental flaw and weakness of the economic policy.

Unless we can prove that speculators like Soros are guilty of unlawful activities, we must remember that Soros did not force any government to defend an indefensible exchange rate system. Neither did he press the government to funnel billions into various pockets, or spend lavishly on mega-projects that are out of touch with local needs. He did not encourage banks to lend irresponsibly to create a property boom or encourage the middle class to speculate on the stock market.

"No, Soros is not the root cause of the crisis, but rather a messenger, a wake-up call...," commented Bangkok Post during the planned visit by Soros last February adding:

"To pretend otherwise is ill-advised denial of reality which threatens to waste the lessons learnt at the painful expense of the public."

Sang Kancil's letter implied that Malaysians know what Soros is up to. But do we really know what Soros is really up to any more than what a speculator's objectives are? I do not applaud Soros' action but respected his renowned skill in investment and speculative currency trading. He does not always get his way, for there were times when he lost a great deal of money, too. Did he blame anyone? If he had lost his bet on the ringgit would the Malaysian government still blame him?

Whether funding of malaysiakini is from Soros directly or indirectly is not the real issue. The alternative views from independent media seem to be a threat to the ruling party.

If history has taught us anything, we only need to look at other countries putting blame or diverting attention away from their own inability to serve their own people and country. Iraq's invasion of Kuwait, Uganda's expulsion of Asians and Zimbabwe's land seizures are recent examples. Each of these countries was facing economic problems and increasing opposition from its own people and supporters. These are extreme examples and we must face the reality that they can happen to any country, especially where democracy is superficial.

If those who seek the truth against the ruling party are called traitors, then the ruling party can be called traitors, too, for not being truthful. From the opposition's point of view, the country is governed by traitors.

Corruptions and cronyism are the main cause of economic problems in developing countries. If the government were accountable and transparent, then there would be no fear of independent media such as malaysiakini whether funded by Soros or not.

What's the real issue? You be the judge, jury and witness.