Tom,
Thank you so much for your posts and data on the S.E. & N.E. Asian debt crisis situation. Things certainly look very grim, don't they? Although the articles stress that Indonesia will suffer, there is no doubt others will be adversely affected too because of present day globalization.
BTW, what is your interpretation of the data you posted? As you well know, data can be interpreted in several ways. What seems obvious is that a good number of western countries lent aggressively and much to Indonesia and other S.E. Asian countries. And this was done despite warning signals galore. They ignored warning signals!!! FWIW, if Indonesia were irresponsible or criminal in their compulsive borrowing, then the lenders were, in a manner of speaking, accomplices. Why did the lenders ignore the warning signals? IMHO or 2 bits, if you like, the lenders must have felt that, in the worst case scenario, the IMF would come to their rescue as had happened in the past, as in the case of Mexico.
Data and reports notwithstanding, I am still of the opinion that there is always more than what meets the eye. And perspicacious persons will hold on to their hypothesis and modify it in the light of fresh evidence until their hypothesis is proven correct or falsified. In this day and age, one must ever be careful not to be sidetracked or blindsided by just one or more pieces of a jigsaw puzzle (i.e., partial or incomplete evidence). Ideally, one should get to see the full picture, however long it might take!
Once again, thank you.
Regards,
Richnorth |
