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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: HH who wrote (23234)6/2/1998 1:04:00 AM
From: Chuzzlewit  Read Replies (1) of 95453
 
Heyward, according to the NY Times Magazine article the Asian problems go a lot deeper than currency. According to the article the problem is that many of the Asian businesses were never profitable through selling product, but made money on currency speculation. They would borrow as much as they could in dollars and lend it out at a higher interest rate in baht (for example) hoping that the government would continue to support the currency. When the local currency finally succumbed to the attack of the currency traders these companies were exposed for the frauds they were.

So, I guess we are not going to see much of an increase in oil prices until Asia starts to turn around, and I don't see that happening anytime soon.

TTFN,
CTC
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