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Strategies & Market Trends : Asia Forum
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To: Ramsey Su who wrote (7443)11/9/1998 5:51:00 PM
From: Lee  Read Replies (1) of 9980
 
To: nahd (1009 )
From: Lee Monday, Nov 9 1998 5:51PM ET
Reply # of 1011

Thread,

And for those free market thinkers:

"The causes of this crisis can be traced to sources distinctly inconsistent with free markets and unfettered global capital flows in both directions. The International Monetary Fund must shoulder much of the blame for discrediting free markets and unfettered global capital flows. That institution, along with the U.S. Treasury, engineered an extravagant bailout for Mexico after it had followed distinctly nonmarket policies leading up to the 1994 election. The Mexican bailout and the self-congratulation by the IMF and the U.S. Treasury in 1995 created a massive problem of moral hazard that turbocharged additional flows of private capital into Asia, Russia, and Latin America. Those capital flows contributed to the creation of massive excess capacity alongside grossly unrealistic expectations about the return on investments. "

aei.org

Cheers,
Lee

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