Rogue Economist hopes there will be “changes” as well in Brunei:

“It's official. The most powerful man on earth is now Barack Obama. This proves that nothing is impossible in this world, as long as you work (hard) for it. (Oh please God, Brunei needs someone like this to make changes!)”

Cambodia Calling reminds Obama about the challenges he will face:

“Why am I interested? Because it is everyone's business who becomes the leader of the most powerful nation in the world. The pressure on Obama will be immense. If Obama fails to deliver, it'll be a long time coming for another black president in the US.”

Return to Rai Ketak compares Obama’s victory to East Timor’s independence celebration:

“Today, phone calls and emails, online chats…All with one profoundly positive message. History does not make us. We make history. I have not felt like this since May 20, 2002. And one Timorese friend made the comparison over email as well:

“After Timorese independence, the election of Barack Obama is one of the great events of the 21st century. It does not matter what may come to pass afterwards. The great step has already been taken.”

Indonesia Anonymus wonders whether Indonesians will vote an Obama-like candidate:

“Indonesians, of course, just like many people in any other countries, are mostly for Obama. So we love Obama, no doubt about it. Now the question is: if there is an ‘obama' in our country, will we be able to spot him? Or better yet, will we vote for him?

“In Indonesia, that would make our ‘obama' half native Indonesian and half Chinese. Let's just say, our ‘obama' has a javanese mother from Solo, central Java, and an Indonesian-Chinese father with ancestors from Fujian province, China.”

GJ Jakarta notes that the world has high expectations for Obama:

“This is a huge amount of pressure for this guy, he has not only the weight of Americans’ expectations, but that of the entire world.

“The reality is there will still be a financial crisis, the USA will be in recession, there will still be soldiers dying in Iraq and Afghanistan, thousands of people will be out of work, many more will lose their homes. I know this guy didn't do that, he's not responsible, and people are just looking for a happy story, something for the future, some shining light from the dark tunnel.”

Mahaguru58 from Malaysia believes America has redeemed itself by electing Obama:

“America has redeemed itself today by electing a man whom we can all respect and honor. Just listening to him speak, gives us a sense of hope. Each word that he utters, each sentence that he proclaims, returns a sense of goodwill to America. Today, the whole world celebrates the coming of a new era.”

Obnoxious 5xmom advises Malaysian bloggers who are overjoyed by Obama’s victory to do something about Malaysia’s local problems:

“It doesn’t make sense. So many Malaysian bloggers are ooooing and ahhhaing over how Obama has won the USA election. They write so passionately about him and how he is going to bring changes to the United States and the world.

“Yet, in our very own backyard, here in beautiful Malaysia, they never even bother to do something about it. Why so over the moon with what is happening in the USA when we cannot even try to make the changes over here in our country?

“Why I don’t see them ever question our own country’s policies? Why I don’t see them ever get agitated with the things that happen over here that affects us? Why gushing over something over at the USA when we cannot even lift a finger to do something here?”

Noting that America has achieved a breakthrough after electing Obama, Lim Kit Siang bemoans the quality of race relations and nation-building in Malaysia:

“Obama’s historic breakthrough make many Malaysians ask whether it is possible for a Chinese, Indian, Kadazan to become the Prime Minister of Malaysia although the Constitution is very clear that any Malaysian citizen, regardless of race or religion can become Prime Minister.

“If such a question is asked 50 years ago, the nation’s founders would unhesitatingly answered in the positive as there is no constitutional bar - separate from the question of whether it was likely to happen.

“But if the same question is asked now, there will be strong voices (as heard in Parliament today when this question was posed) who would rise up to say no.

“Why is Malaysian race relations and nation-building going backwards in the past 50 years as compared to the historic breakthrough in race relations in the United States with Obama’s historic victory in the US presidential elections?”

Rocky's bru from Malaysia has some questions for Obama:

“Will he be able to turn around the US economy? Will he close down Guantanamo Bay? Will he stop America's holy War against Terror? I have my doubts. But who cares, uh? They say anyone after Bush would/should make a better US President, at least to the rest of the miserable world.”

The US embassy in Thailand held a mock elections in Bangkok. Guess who won in the ballots? HaPPi like a HiPPo describes the mood in Bangkok:

“In the past few days, Thai television and radio channels in Bangkok have been talking a lot about Obama and seem to have forgotten about PAD protesters. Every Thai person I know supports Obama and even the radio jockeys and news presenters love him. Soon we can expect Obama dolls and other goodies being sold on the Thai streets.”

DK from Singapore was first worried over the selection of Obama as the Democrat’s candidate:

“I must admit that I was kinda worried when I learned that Obama is the Democrat candidate instead of Hillary. My main concern was that he is a black and America might not be really for a black president yet. I’m glad I was wrong. I’m glad Obama is elected as the President of United States. And although we don’t know if he is the right person to bring USA and the world out of recession, we know that we have better chance with him in the White House.”

Stars in the making from Singapore is a supporter of McCain:

“Tears came to my eyes when I watched John McCain give his final speech of this election campaign. In my mind, John McCain should be the next President of the USA. His experience in foreign affairs & war will stand America in good stead, and to me, he is the stability that America & the world needs during these turbulent times.

“But America voted for “Change”. Obama is a good man, and will lead the country with integrity. He is a symbol of the American Dream, but how long will this dream last? Will reality bite when Obama steps into his first year in office? Will expectations be too much for him to meet?”

Obama has chosen a Filipino as his consultant on Asia Pacific issues. At midfield reacts:

“For Filipinos, we will now to see whether having a Filipina as his main consultant of Asia Pacific issues will benefit us and lead to Obama revisiting his position against the Filipino USAFFE veterans equity bill and other issues, not least of them how the war on terror is being carried out here.”

A Filipina Mom Blogger is curious about Obama’s foreign policy:

“As a Filipino, I am interested in Senator Barrack Obama’s foreign policy. In Obama, I see a president willing to reach out to world leaders, whether friend and enemy, to open dialogue and resolve differences through diplomacy rather than military engagement. After all, when did it hurt to sit down and talk to our enemies?

“An Obama election will send a signal to minorities across America and to countries around the world that the US is breaking through the racial divide, opening their hearts to people of all colors and religion.”

Tonyo Cruz asks Filipino activists to emulate Obama’s campaign strategies:

“For Filipinos, let us draw inspiration from Obama’s victory. Let us raise the call for change this early (Obama started his campaign two years ago; the next elections here will be in less than two years!), challenge the political parties, and make our issues the central issues in the presidential campaign. Of course, the Philippine political system is a totally different animal compared to the US system. But that should not be an excuse to throw out the whole Obama experience. There are plenty of lessons to learn and perhaps to also apply in our own situations.”

Malaysian blogger Kay Peng celebrated the news and comments on the sights around him.

“Earlier at Colorado Springs, I visited several election posts and had a chance to speak to a significant black activist from the county, senior pastor Rev. James McMearn. Rev. McMearn believes other African American leaders such as Rev. Jesse Jackson have made it possible for Obama to come this far. He acknowledges the transformational effect of Obama's election as the 44th President of USA.

His observation cannot be more accurate. At the Obama party, an African American woman rushed up to hug me after it was obvious that Obama has clinched the presidency. People of all ethnicity shed their tears of joy together and exchanged hugs and kisses. This is a true transformation and it has started tonight.

It is undeniable that this election is ground breaking for the United States of America. It has mobilises and motivates more Americans than any other elections in the history of American politics. He is the first African American president and the first African American presidential candidate who is able to garner massive support from across ethnicity, creed and gender.”

Peng further analyzes what contributed to President-Elect Obama’s win.

“here are several; his personality, strategy, consistency and the current political environment.

Obama's cool headed approach and demeanour was exclusively identified as an important contributor to him being seen as more presidential than his hot headed opponent.

McCain's attack on Obama lack of experience backfired when he picked Sarah Palin as his running mate. Like I have said in my previous post, the nomination of Palin will become a case study of poor political decision for many more months to come.

There is a valuable lesson for McCain to bring home from this historic contest. Do not ignore the influence and support of a growing middle ground. Many staunch republican supporters (Reagan Republicans) have deserted his campaign for moving to the extreme right of his party.

Obama's campaign is set to become a model for all election campaigns in the future. Many aspects of his campaigns will be carefully studied and copied in the future - from fund raising, organisation to his consistent political messages. The most unique part of his campaign is the spirit itself. The way Obama was able to move and motivate his supporters to be part of his Change movement is something not easily replicated. It comes from the heart.”

Indonesian blogger, Maman, comments on the power of one particular word.

“How big is the power of HOPE….don't forget, never lost the fate on the hope you have, hope is actually the biggest power you could ever have in you.
Salute for President Obama…..”

In another post, the blogger comments on what the win means for America.

“Young and charismatic but with little experience on the national level, Obama smashed through racial barriers and easily defeated Republican John McCain to become the first African-American destined to sit in the Oval Office, America's 44th president. He was the first Democrat to receive more than 50 percent of the popular vote since Jimmy Carter in 1976.”

And in the Philippines, PatricioMangubat, writes about the President-Elect’s acceptance speech that drew thousands in Chicago.

“Democratic candidate Barack Obama has just been elected the 44th U.S. President. I just finished watching Obama deliver his acceptance speech. It was a speech that I think would be the subject of study and talk for years. It’s a speech that encapsulated what Americans really hope their government would do for them–unite them and rebuild their nation from the damages wrought by years of excesses.

Truly, that speech was more than presidential. It was the most ideal speech ever to be made by a U.S. president. Faced with crises and threats of monumental proportions, Barack Obama said the right things at the right time–change can only happen, if Americans unite behind government.”

PatricioMangubat then comments on the magical “hope” word.

“Obama’s message is as clear as the summer’s day–hope and change rest in every American. It’s a message of hope, I think, not just for Americans, but also for Filipinos.

Those who hope for a better life under a better government–despair not. Evermore, Filipinos should hope that someone in the present generation would stand up and provide what we truly need–a rallying cry and a true leader who’ll put our house in order.”

Five Good Reasons

1. His experience with poverty first in Indonesia where he witnessed -reportedly- the effects of an ill advised American foreign policy, supporting an ugly dictatorship, then in Chicago where he preferred working as a community organizer and civil rights lawyer rather than choosing a promising and predictably lucrative career as a corporate lawyer, having just graduated from a prestigious law school.

2. He opposed the war on Iraq well before the illegal invasion started, then he advocated an early and phased withdrawal in concordance with the opinion of a crushing majority of the “international community” (meaning: ordinary people's).

3. Despite some early contradictory declarations, he generally seeks a renewed diplomacy with a more seasoned approach with Cuba, Syria and Iran. Of course, and as far as the middle-east is concerned, the pressure and the level of infiltration by the Israel lobby and by the Military industrial complex are such that it will be difficult in case Obama had the integrity, soundness and willingness to act as an honest broker, to overturn the flawed system in place. Of course Arabs have to walk the walk after having talked the talk, far from primitive and futile violence.

4. The power of symbolism. In other words: the simple fact of having a black, self-made, left-leaning (in American terms of course), charismatic and clearly smart American president (at least in comparison with the imbecile outgoing one) may in and of itself contribute to temper international relations, and inject hope an positive expectation not only amongst Americans but also to some extent, amongst young secular people over the world -literally.

5. He has met late Edward Saïd. This reason may sound childishly naive and senseless but this is a reason enough to me, if I were American, to vote for this guy, knowing that at some point of his existence, has been exposed to the reasonable discourse of a secular, exiled Palestinian intellectual explaining eloquently his plight and that of his people.

Now of course one could argue for hours about the nature of the political system in America, which is, as far as I'm concerned, more of an oligarchy that it is a democracy, but again an Obama president has the potential to change something of some size, to some extent positively to make the current status quo more viable.

The visionary dream of a compassionate pastor from Atlanta called King, nearly forty years ago may come soon true. Let us just hope that the man now about to achieve that dream will set about to also fulfill the other vision of Dr. King dreaming of a Revolution of Values.

Before they went to bed, however, bloggers across Asia wrote about what they hoped and expected to find out when they wake up.

In Indonesia, Maman wrote that an “anxious feeling” was coming over her. And, despite the polls agreeing with her, she is preparing for a GOP win.

“I am really having a strange feeling about the US Election, it's a strange feeling I can't describe. The poll survey surely go to my favor, OBAMA will win, but I do believe that race will play in the final result. I try to scare myself with the reality IF GOP win this election, it will be a big POUNCH on only to my stomach, but to almost most of the average American.”

In South Korea, Expat Jane, writes that she’s also feeling “nerves and anxiety” but is excited to find out the results.

“I've been so very cool during most of this campaign. At least, when it comes to the discussion of Obama winning because I believe he will. By this time tomorrow, we'll know.”

In the Philippines, Martin Perez, makes one last plea and further addresses why Filipinos should support Obama.

“For a segment of the Philippine population, the possibilities are within their reach. They just don’t look towards government for this. Middle class Filipinos make do and succeed inspite of the failings of their government. That there are jobs waiting for us abroad is part of our modern paradigm. That we aspire for reliably wealth generating jobs such as medicine, law and accounting, is part of our national intuition. And that we need nothing from government because it takes from us more than we receive is by and large remains the cancer in our society that Dr. Jose Rizal died not having incised.

For the people who have chosen not to have a stake in government despite being able to do so, what they seek is not merely a government that works, but a government they can trust. They need a reason to believe that it can be a force for good. Their contributions — whether time, money, effort or even prayer — should address specific needs, real goals, and achieve tangible results. How we activate and inspire these people is an open question.

It is a question to which Barack Obama has responded excellently.”

Perez further addresses Obama’s campaign.

“Through his campaign, Barack has demonstrated an ability to build a coalition from the ground up. Through his multi-faceted, multi-tiered campaign, he has gotten many people involved and interested in politics, whether they be first-timers or like-the-first-timers. His organization provides a wonderful case study in how media (now with no line between traditional and new) can be effectively utilized to promote a political brand and message. Moreover, his fundraising and rallying capabalities are testaments to not just the efficiency of their campaign machine but to his character. Barack has a quality, an appeal that demands respect, if not that then at least our attention. Most importantly, the message he carries is one I have long wanted to articulate.

What I wish to take out of watching the US elections is a sense of the audacity of hope. Through my study and comparison of various systems, I realize that empowerment comes from that core belief we all share regardless of our status in life — that our hard work will pay off and that tomorrow will be a better day. In Barack I see someone who has been able to inject new energy into the system by reminding people of this fundamental hope. And thus for a Filipino observer such as I, there is simply too much to learn from Barack Obama.

I am under no delusion. Barack Obama is not running for the presidency of the Philippines. But chances are, that in not too many years from now, one of us who have lived through this election cycle will.”

Lastly, in China, Stan Abrams also writes that he is anticipating the results.

“Tomorrow morning at 8:00 I will be sitting in a room at the Renaissance hotel watching CNN, pouring cups of coffee down my throat and trying not to let my blood pressure get too high. (I refer to the AmCham election-watch event — see more info here.)

As I’ve mentioned a few times recently, I have spent a huge amount of time following the election this year. Needless to say, the suspense is killing me, and I really need this to be over so I can move on with my life.”

The expat in China goes on further to state he is “tired” of being embarrassed by the U.S. government.

“It should come as no surprise that I’m tired of explaining to people why Bush was elected/re-elected. I’m tired of having to agree with critics of the U.S. government, tired of being embarrassed by Bush’s latest blunder, tired of saying that this is all temporary (much more difficult after 2004). Bush, McCain and Palin bashing has been a great source of fun and entertainment over the years, of course, but yeah, I am ready for it to be over. Obama’s consistent talk about restoring the image of the U.S. in the world is probably the single most important issue for the average expat, and I dare say that he’s got the expat vote locked up solidly.”

Canadian blogger, Ian Welsh, stated that the Republican candidates should speak out against any racism.

“I think maybe McCain, and Palin in particular, might want to start calming the waters. And Palin in particular needs to call out the racists in her crowds and stop whipping it up. Because yes, lady, you will be held responsible if anything happens.”

Fellow Canadian, The Strong Conservative, said he was thankful the plan was discovered before the men were able to act on it.

“This disgusting plan has thankfully be averted, but the Secret Service and other law enforcement agencies will need to be extra vigilant to protect Mr. Obama from wackos who harbour violent radical and racist views.”

Across the Atlantic, England for Obama wasn’t sure what to say, but is certain November 4 will be marked as a historic date.

“I don’t quite know what to say… except: this is a turning point in American history, what’s about to happen on November 4th. And crackpots like these guys, and fearmongerers and race-baiters on the Right, are in the thankful, and very small, minority. From November 4th, a new page will have been turned in the history of American race relations. And nobody can ever, ever undo that.”

In Indonesia, Pyong commented on the continuous racism found in the States and how it’s distributed to others.

“I never believe that all American is racist free. Some of them are still so racist and judged people by their skin-color, origin, culture, etc. But are these irreasonable aspects really has to be passed to some other people? I mean, if you don't like something that's your personal problem, you don't need to force or makes everyone support your idea.

Americans condemned the action of the Islamist Fanatic when they tried to target any US's interests or Diplomats, but when we look into the detail, those fanatics are also like those racists American who try to attack others who they thought don't have same idealogy, class, whatever is that.”

She then leaves some advice for American voters:

“Come on, let it be a clear and fair election. No more smears, no more lies, and no more dangers attack. The most important thing you can do is go out and vote on November 4th, don't listen to those robocall, campaign flyers, but…listen to your heart, it's only you who know who is the best fit for you.”

Back in North America, Crooked in Canada, is skectical to whether the report is even true.

“Either skinheads are as stupid as they are racist, or the FBI is making up the story as they go along that they disrupted a plot to assassinate Barack Obama and shoot or decapitate black students in Tennessee.

It’s hard to say whether the planned hit on Obama and a preceding high school massacre by a couple of dopey neo-Nazis is a credible one or not, but it makes for a good headline in the lead up to the American election, and the story if it is embellished will either win more support (call it sympathy support) for Obama or hinder him in his bid to become America’s first black president.”

The Canadian blogger further adds that if it is true, it may have been dramatized.

“Like I said, Cowart and Schesselman don’t sound intelligent enough to organize a hooded apple bobbing contest, let alone organizing what would have been the biggest mass shooting in American history. I think the ATF and FBI are embellishing this story a little. But I could be, and wouldn’t be surprised to be wrong on this one.”

Jennie S. Bev is proud of Obama. She lived in the same district where Obama stayed in Jakarta:

“Both Barack Obama and I once lived and grew up in the Menteng district of Central Jakarta. He went to SD Negeri 1 Menteng, while I went to Saint Theresia. Both schools were within a few minutes drive from each other, but of course unless time was a Mobius strip, we would not have met each other.

“I am proud of him, not just because we shared some commonalities in our upbringing, but because we believe in the promise of the future and that together we have the capacity and the courage to make meaningful changes.”

Asri Wijayanti from Indonesia is now in the U.S., and is wondering why there are few election posters in the streets:

“I was thinking, that the Americans were so fascinated, as much as I was, about this election. I imagined the stacks of posters and banners all the way, as crowded as it is in Indonesia at the campaign phase, but I was wrong.

“It was pretty surprising for me to see NOTHING related to the national election on the way. No photos of the candidates, no posters, no banners, nothing. I walked through the bus stops, campus corridors, downtown area, wondering. Why? Is it because everybody knows Obama and McCain so well? But are the people sure that they are going to vote?”

Then she notes the lack of voters' education in media:

“I then learned that voter education is something rare in national media. I watched news channels, and I hardly see neutral electoral ads, or the ads that merely encourage people to register and cast their vote. Instead, compared to the dynamics in Indonesian election, the voter education activities in United States, in my eyes looks like underground phenomenon, the off-mainstream media programs, as the channels are more interested in the political waves itself then the encouragement to the people to be aware of their political rights.”

Patricio Mangubat from the Philippines is curious about Obama's anti-terror platform in the Asia-Pacific region:

“Obama has yet to address the increasing problems of terrorism in the Asia-Pacific region. We presume that Obama will continue the existing US policy against terror in the region, yet, up to what extent? Yes, anti-terror campaigns will definitely continue under either an Obama or a McCain presidency, but who'll be more vigilant and more vigorous in chasing after these Islamic terrorists? Given the record of Obama, will he be implementing a “softer” approach to this global menace?”

Khoo Kay Peng from Malaysia recognizes the need for politicians to show decisive leadership in times of crisis:

“US and Malaysia are facing the serious problem - but of different magnitude - with their domestic economy. It is probably much worse in the US than here. But there is a stark difference in the way politicians from both sides responded to the problem…We need politicians to show leadership during difficult times. Here in Malaysia, politicians busy jostling for positions.”

Asian Americans comprise a significant number in the United States. Who will win the Asian American vote? Jay encourages Cambodian Americans to actively participate in the election process. Brain Bang advises the Democrats on how to win the Filipino-American vote. Lao Voices highlights the poor economic situation of Lao Americans to argue against another Republican presidency:

“The situation for Lao Americans is far worse. According to the 2000 census, Lao Americans obtained a per capita (per person 25+) income of less than $12,000! Ironically, this is almost one tenth of the threshold where they benefit more from Republicans. Most will never make the Rep honey pot in their lifetime. More than one third of the Lao Americans even live below the poverty line. An estimated 98.5% of all Lao Americans will pay more taxes under McCain than under Obama. Go figure.”

Ridz.sg from Singapore is obviously not a fan of Vice President candidate Sarah Palin:

“Watching Sarah Palin is worrying though because the more I listen to what she has to say, the more of a joke she becomes to me. She evades every damn question. Wrong. She doesn’t even evade. She just talks about some other point and completely ignores the original question.”

On the other hand, CK's Musings is supporting Palin:

“Palin has struggled all her life, so I'm sure she'll understand the struggles the common people are going through when she is in the White House. She also speaks better and I don't feel like she's talking down to me. Biden and Obama are just too elitist, they make me feel like I'm a peon and that they hold all the answers.”

Hanqing values the experience advantage of McCain over Obama:

“Bottom line, the US (and the world) is going through a pretty trying period right now. I don’t think people really need to hear words of empowerment or inspirational sound bites that make them feel warm and fuzzy. They need to be reassured that they have a leader who has enough experience and mental toughness to help a country weather a crisis. And though John McCain may not be nearly as polished as Barack Obama is, his experience seems to make up for it.”

Akomismo from the Philippines compares McCain and Obama:

“Obama and McCain are yin and yang. Of all their contrasts, the assessment I agree with most is that they represent an America at the crossroads of two generations. One is from the America that has always been there: strong, triumphant, and takes pride in longevity and experience. The other is from an America that is just being born: cosmopolitan, global, and takes pride in diversity and change. What makes this election so close is that these two paradigms present equally valid ways of dealing with the present economic crisis, the lingering wars on Iraq and Afghanistan, and the standing of America at home and abroad. Thus, this isn’t about partisanship anymore, it’s about leadership. Who has what it takes to live out the vision of America they present?”

If informal surveys are to be believed, it seems Obama is more popular in the region. An Obama victory will be welcomed in Indonesia. Mum's the Word (or Pa) from Singapore believes it is impossible for McCain to win in the elections. Beyond SG discusses the role of social networking sites in today’s politics. A Vietnam non-profit group borrows the soundbytes of US candidates to promote their newsletter.

"What is happening is panic selling to an extent that it is irrational," said Irvin Patmadiwiria, the head of investments at PT Lautan Dana Investment Management.

He said roughly 70 percent of stocks traded in Jakarta are owned by foreign investors, who are cashing out holdings to create liquidity.

Among the most active sellers were Merrill Lynch, United Overseas Bank, McGuire and JP Morgan, he said. They were dumping blue chip telecommunication, banking, and manufacturing shares.

Before long, credit default swaps were being used to encourage investors to buy into risky emerging markets such as Latin America and Russia by insuring the debt of developing countries. Later, after corporate blowouts like Enron and WorldCom, it became clear there was a big need for protection against company implosions, and credit default swaps proved just the tool. By then, the CDS market was more than doubling every year, surpassing $100 billion in 2000 and totaling $6.4 trillion by 2004.

Indonesia's five-year credit default swaps (CDS) surged to as high as 725 basis points at one point, from 600 basis point early on Friday. That was well above the 410 bps at which the similarly-rated Philippines' CDS was trading at.

"People just want to get their money out of Indonesia," said a Singapore-based fund manager. "We haven't forgotten what happened 10 years ago."

Before its Wednesday suspension, Indonesia’s benchmark stock index was down 21 per cent this week, the worst weekly fall since at least April 1983, while the rupiah declined a further 0.7 per cent to 9,635 per dollar, near its lowest level in three years, reported Bloomberg on Wednesday.

Credit-default swap contracts on Indonesia meanwhile jumped 80bp to 560 on Wednesday afternoon, meaning it costs $80,000 more a year to protect $10m of the country’s debt from default for five years.

“Too much of the Indonesian market is tied to commodities,'’ Kim Yong Tae, of Yurie Asset Management in Seoul told Bloomberg. “Also, the currency is very weak, suggesting that a lot of speculative money is pulling out of the market.'’

And that is precisely what happened in 1997.

Indonesia is Southeast Asia’s biggest economy. But it is also facing tremendous economic challenges. Poverty is rising, unemployment is high, and unrest is mounting.

What are the views of Indonesian bloggers and residents on the Wall Street crash?

First, a background on the Indonesian economy. Indonesia Project writes:

“Indonesia’s inflation rate is now well over twice as high as the central bank’s target of about five per cent. There are two convenient scapegoats: big increases in both oil and rice prices. But the real explanation, as always, is unduly loose monetary policy.”

The Polar Bear Diaries is not optimistic about the status of Indonesia’s economy:

“Indonesia survives by exporting produce from its large workforce. Local market purchasing power is limited. A large percentage of the population live from hand to mouth, with little or no savings. But those exports are falling compared to imports, and the general cost of living is rising dramatically. Exports will fall a lot further as consumer confidence in the West is eroded.”

The Wall Street crash had an immediate impact on Indonesia’s economy. Everything Indonesia reports:

“Indonesia's composite index fell around 10% in a single day Monday, the kind of drop that would have American market commentators running for their bottles of Maalox…Contracting economies means less energy consumption which means Indonesian commodity concerns, like coal companies, get hammered.”

Indonesian banks suffered too which pushed some local investors to seek government assistance. Exegesis disapproves this kind of behavior:

“Have you read newspapers lately? I'm talking about those people trying to ask compensation from the government for their investment loss due to the crippling effect from the Wall Street's recent fiasco. They are amazing. When they decided to put their money in private investment bank, they did it out of respectable greed and of course without consulting any government whatsoever (in fact it's really like: hey this is my money, you government stay away!). Now the bank they put their money with is facing serious problem and is likely to share the pain with their individual ‘investors'. And they're asking the government to pay for their loss? I don't get it. I really don't.”

Meanwhile, Id economy shares the government's optimism:

“I fully agree with government about the current condition, we're still good to go but we should anticipate for contagion effect, in this case by fighting liquidity squish both for domestic currency (by limiting credit expansion) and foreign currency (by promoting export).”

The public is advised not to panic:

“If you ask me what next, to be honest I do not know. Since that's all depends on the market now. Depends on the result of maintaining current account we will see up and down in rupiah's exchange rate that's for sure. And depends on the credit growth reform we will see (in my opinion) slowdown in economic growth. But how the swing up and down is completely up to the market to decide. Yes, please play safe these days, there are panic people out there, and it is a bliss and bless for us not to be panic (now).”

treespotter hopes the situation in the US will improve:

“I am not an American but I have financial interests to see the market go back to where it was (if possible, circa 2005). Similar to America, I’m up to my neck in debt and survive only on steeply declining asset and a line of credit. I don’t get to vote for American president and I don’t have a representative to call. I get to watch the whole thing from television and the internet, and I truly wonder if anyone there really knows what they’re doing. I sincerely hope so.”

Cafe Salemba supports the bailout program of the US government:

“You may agree or disagree with the plan, but I think it is imperative to at least understand that this is about how to deal with credit market, the heart of the economy that keeps its lifeblood flowing, that doesn't work. One lesson from the 1930 Great Depression and 1998 Asian Crisis is that the failure to do so will bring a prolonged credit crunch and output contraction. It could become indeed very nasty.”

The threat of economic recession is affecting personal perspectives. Java Jive writes:

“It’s October, so it must be that time of year when I freak out about the future, to stay in Indonesia or not, to seek another career option, or simply maintain what I’ve been doing for so long now. It doesn’t help that the American economy has been thrown in the canal, nor that the Indonesian economy is now heading towards possible turmoil as well.”

Indonesia Matters discusses the prospect of making the sharia finance as alternative to the US economic and banking model. A lively discussion in the comments section ensues:

Andy notes how the West managed to survive economic recessions in the past:

“Whatever happens in the west now I don’t believe will be as bad as 1987 and certainly not as bad as 1929. And from both cases the west returned stronger than ever before. Compare that to now where Indonesia still hasn’t recovered from 1998 even though ten years have passed.”

Marisa points out the need to reform the US financial sector:

“How does USA’s financial crisis affect Indonesia, anyhow? According to Faisal Basri on last night’s news, it has not greatly affected Indonesia, because Indonesia hasn’t reached that certain economic depth with the US that would make it as affected as, for instance, Australia. Oh wow, apparently Indonesia isn’t so westernized after all, we just look westernized.

“While our Asian third world brains are beginning to question the worthiness of our loyalty to the Great White Hope — vice versa, America must endure whatever it is they need to endure…I do absolutely agree that American financial sector must reform itself, especially after Bush administration and the way its doing things.”

Unspun questions the imprecise reporting of Indonesian newspapers about the financial crisis. Via Twitter, vmahmud writes: “…is now seeking tweets from the U.S. Stock Exchange. Everyone have their parachutes ready?”

The popular blogger happened to be in Jakarta, Indonesia and decided to do some investigative reporting and tracked down Sen Obama’s so-called madrasah.

“As a young child, Barack Obama lived in the Indonesian capital of Jakarta for five years with his American mother. First, I want to make it clear that I don't think it should matter to us what kind of school Obama attended as a child. As to his present faith, the controversy concerning his Chicago pastor highlights his longstanding membership in a Christian church. In any case, I personally do not think religious affiliation tells us anything meaningful about a candidate's fitness for office.

“Nevertheless, simply because a recurring rumor such as this can and should to be addressed, I tracked down the truth concerning Obama's Indonesian sojourn.”

Sen Obama reportedly attended two schools in Indonesia. One school that was completely missed out by the American media was the SD Franciscus Assisi. A school named after a Roman Catholic friar, who is also a well known patron saint of the Christian faith.

Jotman said that he had to cross SD Franciscus Assisi off his list.

“I have it on good word that not many madrasah are named after Saint Francis. So I crossed that school off my list. What about the second school Obama attended in Indonesia?

“The name sounded fairly benign: SDN Menteng 01. But if the young Obama attended a madrasah, this was it. So I hailed a taxi and paid a visit to SDN Menteng.”

The school turned out to be located just a block away from where the current American Ambassador to Indonesia is residing.

“… the road leading to the school was blocked by security to protect the American Ambassador’s residence.

“Nearby are two old churches. It's not your typical neighborhood in this, the world's largest predominantly Muslim country.

”The SDN Menteng 01 facility is built around a courtyard which serves as a basketball court. Obama's love for this American sport almost certainly began here.

”Above the court, to one corner, is small mosque structure (first photo).

“Yep, the school has a small mosque attached to it. Had I found the fabled madrasah?”

But if this was a training center for jihad, something was badly amiss, noted Jotman.

”Because as I stood in the courtyard staring up at the small dome, students flew by me shooting hoops. In fact, most of the students circulating around the basketball court were girls. They wore no head scarves. In fact, one girl wore surfer shorts. I watched as she aggressively kept two boys in check.

“I listened hard, but I did not hear any chorus of small voices reciting the Koran. Instead, from inside the entrance foyer came shouts of kids practicing their Kung-fu kicks and punches. Ka! Ka! I saw yellow, orange, and green belts tied around small white coats. The principal would later tell me that the children have a choice of thirteen after-school activities.

”Undeterred, I told the school principal about my urgent need to verify whether his school was, in fact, a madrasah. So the principal summoned the custodian. And the custodian walked me upstairs to a locked green door adjacent to some classrooms. He turned the key and the door opened.”

That was when Jotman said he saw Jesus Christ.

”… I saw his likeness framed on the wall. In one corner of the room Bibles were stacked on a table behind a crucifix. The sign above the door read Christians Lesson Room.

“The principal explained to me that the Indonesian concept of religious freedom means public schools like SDN Menteng 01 provide religious education for students — whatever their faith. Whereas the American approach has been to exclude religion from public schools, the Indonesian way is to provide religious lessons to students — according to the faith of the student's family — through the public school.

“In my opinion, it makes little difference what kind of school a forty-six year old man attended when he was a child of six. But we can see that any allegations that Obama attended some kind of extremist Islamic institute as a child are entirely without substance.”

Jotman also offered a bit of background on his story:

“Background: CNN was the first to debunk this story. Since this rumor was started by Insight Magazine and shortly thereafter broadcast by Fox News, over 50 news organizations have paid a visit to SDN Menteng 01, the principle told me. Jotman was not the last. Just as I was leaving, a foreign camera crew was moving in to do yet another story.

”Fox News has apparently succeeded in removing all trace of its original report that Obama attended a madrasah. The wildly inaccurate Fox News video clips have been removed from YouTube on “copyright infringement grounds.” The real story here is the fact that Fox News gives substance to outrageous rumors, and then — after the distortion had been exposed — attempts to cover up its tracks. As I have blogged, not only does Fox News make American people stupid, it forments anti-American sentiment overseas.”

• In Trinidad, calypso legend The Mighty Sparrow sings that America could "regain worldwide respect with Obama’s vision", and in Jamaica reggae star Cocoa Tea adds "This is not about class nor color, race nor creed. It's about the changes, what the Americans need."
• In Egypt, a humanitarian worker has written letters to dozens of superdelegates urging them to back Obama.
• In China a dramatic Obama rally is being planned on the Great Wall.
• In Gaza, a Palestinian student has been making hundreds of campaign phone calls to the US over the internet, whenever he has electricity and is not under Israeli bombardment.
• In Kenya, Obama is so popular that a beer has been named after him!
• On the internet there over 40 international Obama fan groups on Facebook, many with more than 500 members, focused on Denmark, France, Indonesia, Tanzania and many other countries. There are also dozens of blogs and websites (see listings in the sidebar).

And wherever opinion polls have been conducted, comparing him with Clinton and McCain, Senator Obama is consistently the favourite candidate by a wide margin, for example:

• 74% in Japan
• 71% in Brazil
• 68% in Holland
• 64% in South Africa
• 61% in Britain
• 54% in Iraq
• 48% in Switzerland