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To: Joseph G. who wrote (6784)	9/23/1998 9:10:00 AM
From: Cynic 2005	Read Replies (1) of 86076

With regard to the article you pointed, I was asking your oipion on both facts and assertions. In a related note, somebody agrees with us, in principle. <<We have far greater problems that are festering than bailing out emerging-market hedge funds for their irrational exuberance.>> <<We must not UNDER ANY CIRCUMSTANCE bailout these fund managers who went into emerging markets touting long-term growth potential. >> <<It has been wrongly assumed that the Asian Crisis is a "currency crisis" when it fact it has been about irrational investment and excessive debt that has caused an unsustainable asset bubble. If we look at Hong Kong, indeed we have seen the government hold the currency peg at all costs. While the HK$ did not decline in value despite the fierce attack by investors and hedge funds, we see that the assets in Hong Kong took the brunt of the adjustment. Either the currency depreciates thus creating asset inflation or the assets depreciate caused by an overvalued currency. >> pei-intl.com

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