US dollar facing collapse, warns Mahathir

Mahathir, who famously ignored International Monetary Fund (IMF) advice and instead chose to peg his country's ringgit to the US dollar during the Asian financial crisis, said a standard gold currency was now the best alternative for world trade.

The dollar was retaining some value because of fears of a global economic catastrophe if it was rejected, he told a conference of some 650 chief executives from 30 countries on Borneo island Tuesday, The Star newspaper reported.