Which reminds me....
The articles appearing lately, that indicate some degree of irresponsibility on the part of financial authorities in the SEAsia nations, are misleading at best.
You know, the ones that say the Asian Miracle was only a mirage?
Well, it wasn't. I'd like to remind them that these governments managed there financial affairs extremely well. Yes, even Thailand. The mistake was to let the private sector debt go beyond any remedy.
With the debt overburden in the private sector the governments need only have said, "Tough, that's your problem," and let them go under. Which is exactly what, for instance, the Indon authorities said they would do. But, Baby Bambong and his buddies went crying to Dadda and Dadda acquiesced.
Just wanted to clear that up. |
