To : Ramsey, Derrick, Bosco,
You all post a common theme: self interest.
The actions of the IMF re Asia and Russia, and the Fed re LTCM are purely to protect the self-interests of the vested parties. In the case of Asia, the interesting thing is that the context and defintiion of "self interest" has changed, now that the winds of ill blow much closer to the First World's shores.
I sense a change of mood approaching as the sreams of the IMF, becoming more strident, are increasingly being matched by Greenspan et al.
On a different them, it is interesting to note the difference between the approaches of the Asian countries vs that of Russia. It's like watching a game of blackjack vs poker. In the former, the losers lose, well, their shirts. In the latter, the loser shoots the winner, unilaterally. This unexpected action has precipitated the LTCM episode. The Russian formula would appear to me to be very effective.... |
