Prabowo Targets Wealth Drain, Vows End to ‘Greednomics’
Poin Penting
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JAKARTA, Investortrust.id — President Prabowo Subianto has called on business elites to end exploitative practices he described as "Greednomics," urging them to stop draining Indonesia’s wealth abroad.
Speaking in his first state address at the annual session of the People’s Consultative Assembly (MPR) on Friday, Aug. 15, 2025, Prabowo pledged to enforce Article 33 of the Constitution and warned that continued capital flight could push Indonesia toward state failure.
“If our wealth keeps bleeding out of this country, we risk becoming a failed state,” Prabowo told lawmakers at the Nusantara Building in the MPR complex in Jakarta. “We must act now to stop it.”
Blueprint from the Founding Fathers
The president said he would lead the implementation of economic policy based on the 1945 Constitution, especially Article 33, which mandates state control over key industries and resources to serve the greatest good. He stressed that this constitutional foundation must guide Indonesia’s economic direction, even if doing so meant taking unpopular decisions.
“Even if it is difficult or politically inconvenient for some parties, I must take the necessary steps to safeguard our national wealth for today and future generations,” he said.
He emphasized that he would act firmly, including against those close to him. “Let no one assume that proximity to the presidency gives immunity.”
Confronting Greednomics
“I assure you, any company—regardless of ownership—that manipulates or violates the law, we will prosecute. We will seize whatever we can,” Prabowo said. “We will protect the people. We are not afraid of your wealth. Because your wealth comes from the Indonesian people.”
He accused the practitioners of “Greednomics” of moving capital offshore at the expense of the nation. “That must stop. While I am President of the Republic of Indonesia, do not assume the rich and powerful can act with impunity.”
He reiterated his full commitment to Article 33. “The clause clearly states that branches of production important to the country and affecting the lives of many are to be controlled by the state.”
Returning to the Founders' Vision
“This is the legacy of Bung Karno, Bung Hatta, and Bung Sjahrir. I believe they were right,” Prabowo said. “Unfortunately, there are elites in our country who believe the ideas of our founders are outdated or irrelevant for the 21st century.”
“Their thinking is wrong,” he continued. “If we seriously apply what our founders have laid out—what Bung Karno, Bung Hatta, Sjahrir, Agus Salim, and the Generation of ’45 gave us—we will prosper. The 1945 Constitution is not just a slogan. It is a working blueprint.”
According to Prabowo, these leaders experienced colonialism firsthand and watched Indonesia’s wealth flow abroad. “That’s why the document they gave us is short but crystal clear about how to run our economy and democracy. I am convinced that if we follow it, we will become strong.”
Food Sovereignty and Rice Mill Controls
Prabowo argued that a nation’s strength lies in how it controls and manages its wealth. “We must have the courage to self-correct if we veer off course.”
He then cited examples of paradoxes caused by economic distortion. “How could the world’s largest palm oil producer face months of cooking oil shortages? It defies logic. As DPR leaders mentioned earlier, this was manipulation—this is what I call ‘Greednomics.’”
He pointed to massive agricultural subsidies—fertilizer, tools, pesticides, irrigation, and rice—but prices remain unaffordable. “That’s because we’ve deviated from the Constitution, especially Article 33.”
After a deep review, he concluded: “Article 33, especially clauses 1 through 4, is our economic defense. It calls for a cooperative economy, not one built on conglomerates.”
He read each clause aloud and emphasized rice as a strategic commodity. “Does rice matter to the nation? Of course. Should rice mills be state-controlled? Yes.”
He announced that large rice milling businesses must obtain special permits or be operated by state or regional enterprises. “This is to protect the public’s right to affordable, quality rice in the right quantities.”
Expanding Rice Fields and Supporting Farmers
“No strong country relies on food imports,” Prabowo declared. His administration plans to open 2 million hectares of new rice fields in Central Kalimantan, West Kalimantan, Sumatra, South Papua, and other regions.
Alongside land expansion, the government will intensify local food production, cut bureaucracy in fertilizer distribution, deliver input subsidies directly to farmers, and provide machinery. The government also raised the purchase price of unhusked rice to Rp 6,500 per kilogram.
Indonesia now holds over 4 million tons of rice reserves, the highest in history. For the first time in decades, the country has resumed exports of rice and corn. “Our farmers are smiling again,” Prabowo said.
Crackdown on Hoarding and Market Manipulation
To protect consumers, Prabowo pledged strict enforcement of Law No. 7 of 2014 on Trade, especially Article 107 in conjunction with Article 29. Businesses that hoard essential goods during shortages or disruptions face up to five years in prison or fines of up to Rp 50 billion.
“We will be firm with anyone who obstructs food distribution or manipulates the market,” he said. “We will not allow the people to suffer due to unscrupulous practices.”
Leading the Fight Against Corruption
“As President of the Republic of Indonesia, I am responsible for the executive branch,” Prabowo said. “I am obligated to uphold the law for the safety of our nation. Right now, we are facing the harsh reality of a massive leak of our national wealth. We are experiencing what I call a net outflow of national wealth.”
He urged the public to stop wasting energy on finger-pointing. “We do not have the time or strength to keep blaming one another. The government I lead must stay focused on finding swift and effective solutions to this core problem,” he said.
“We understand that in a modern state, oversight is essential. There must be transparency in the exercise of power,” he added. “History has taught us: when power is unchecked, it becomes corrupt. Absolute power will corrupt absolutely.”
Prabowo emphasized again that corruption is Indonesia’s greatest problem. “Corrupt behavior exists at every level of our bureaucracy, in institutions, and in government organizations,” he stated. “This includes state-owned enterprises and regional enterprises. This is not something we can hide.”
“After 299 days of leading the executive branch, I have gained a clearer understanding of the scale of the challenges we face—of how deep the misconduct runs in our government. This is not pleasant, but I must report this truth to the people’s representatives.”
“In my inauguration speech here in this very chamber, I said that Indonesia must have the courage to confront our own weaknesses, mistakes, and systemic ailments—so we can fix them together,” he concluded.
Towards a Just Economy
Prabowo praised his predecessors for their efforts to build a sovereign and just nation in line with the 1945 Constitution’s preamble—protecting all citizens, promoting welfare, advancing education, and upholding global peace and justice.
“Everything I do to drive fair economic growth stems from Article 33,” he concluded.
Amid global political and economic turbulence, Indonesia’s economy grew 5.12% in the second quarter of 2025. Several analysts believe growth will accelerate further in the coming periods.
Investment realization in the first half of 2025 reached Rp 942 trillion ($59 billion), an increase of 13.6% from a year earlier. The figure met the 2025 state budget target and created 1.2 million jobs for Indonesians.
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