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Strategies & Market Trends : Asia Forum
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To: Rational who wrote (691)1/12/1998 12:14:00 PM
From: Worswick  Read Replies (2) of 9980
 
Sankar it was my promise that I would take you up on a few things in your past posts. I think what I have say deals the realm of Asian verities, a feeling perhaps that Asians are somehow morally superior to mere money grubbing other mortals. I see this tone in your posts. That Asians are morally superior because the come from cultures which are more atune, somehow, to the inner being. Do you really have this constant anxiety that somehow the IMF and it's running dogs CitiBank and the Harris Trust Company are going to re-colonize Asia?

I must say Sankar I don't know how to take your fears of the re-colonization of Asia. It seems to me that the Indians I know have done a good job of "colonizing" both the financial sector and the medical sector in this country. We are not living in the colonial period anymore. After all the Indian-landed immigrants in the US are something over a million souls. I know of only one person who immgirated from the West to India. Perhaps that says something about the moral verities of Asia. Did all these people came to the west to be corrupted?

As far as the fears of re-colonization of Asia by the west goes....remember when you were growing up that the US had "notes" for food-aid received by India.... to the tune of (eventually) five times all the rupees in circulation in India? Where did all that lead? A great so what.

We are not living in times that anyone can colonize anybody. We now have the world-wide democracy of the Ak-47 and the Stinger. In the 19th century it was possible to colonize places when you had Martini Henri's and the "natives" had matchlocks. Things change. The UN learnt in Somailand you can't even get the "natives" to be reasonable anymore.

Perhaps, however, moving beyond the realms of the right's and wrong's of the IMF bailout.... and it's possibly very short term consequences... it seems to me that we are moving beyond the possibility of IMF "bailout"? Literally.

Looking at the collapse of Peregrine Securities (the premier Asian owned/Asian operated investment in Hong Kong) what one has now is a situation where the woof and warp....the actual fabric of Asia is beginning to unravel.

Think about this. If short term liquidity is withdrawn from the market by Japanese and western banks what happens to business in Asia? You have collapsing asset prices in share markets, collapsing reserve ratios in banks, currencies going down like they have been taken out and shot. We are looking at massive bond defaults ahead by both Asian banks, and businesses.

I think we are really counting down here. I give this about one more week before we in the west are in boiling oil not just the foolish Western neo-colonialist investors, banks and insurance companies who looked to S&P and Moodys for some knowledge of markets they covered.
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