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Strategies & Market Trends : Asia Forum
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To: Henry Volquardsen who wrote (6540)9/23/1998 12:23:00 AM
From: Frodo Baxter  Read Replies (3) of 9980
 
>The real culprit in the Asian crisis has been, as many on this forum have pointed out, the unique ways of doing business in Asia. The continuing circus surrounding Japanese banking reform is much more damaging than anything the Fed has done.

The real culprit is James Baker and the Plaza Accord, which distorted the only market indicatorÿ(depreciatingÿcurrenciesÿrelativeÿtoÿtheÿgreenback)
that foretold the Asian model was a road to serfdom. Instead, we unleashed an unparalleled asset bubble whose shockwaves are still being felt.

Stupid economic policies, opaque banking, and foolish politicians are a fact of life. But it takes global collusion to weave gold from such flimsy threads.

You know my argument. Am I overstating my case?
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