UBUD, Indonesia -- Indonesia's chief economic minister, Boediono, along with Finance Minister Sri Mulyani Indrawati and Bank Indonesia Gov. Burhanuddin Abdullah are credible and competent bureaucrats. They put forth an action agenda of economic reforms designed to reinvigorate the local investment climate and to speed up the resolution of disputes with foreign investors.
But President Susilo Bambang Yudhoyono should worry about the advice his new economic team has given him. News reports indicate that they are offering a noxious cocktail of wishful thinking, nonsensical nostrums and macroeconomic mumbo jumbo.
According to Boediono, Jakarta will accelerate and boost spending to stimulate the economy. Part of the plan is for the government to spend 10 trillion to 15 trillion rupiah during next year's first quarter.