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Technology Stocks : COMS & the Ghost of USRX w/ other STUFF -- Ignore unavailable to you. Want to Upgrade?

To: Moonray who wrote (11185)	12/31/1997 11:07:00 AM
From: Scrapps	Read Replies (1) \| Respond to of 22053

Soros sounds the alarm Says international financial system is suffering 'systematic breakdown' December 31, 1997: 8:40 a.m. ET Soros attacks Capitalism - Feb. 4, 1997 NEW YORK (CNNfn) - Billionaire financier George Soros, reviled among Southeast Asian finance ministers, said the international financial system is suffering a "systematic breakdown" due to that region's troubles. A spate of currency flotations were implemented earlier this year by such countries as Thailand and Indonesia, wreaking havoc not only those countries' currencies but on their neighbors' as well. Soros, who attempted to make money speculating on those dropping currencies, said in a column for the Financial Times Wednesday that the abandonment of those fixed exchange rates touched off a process of financial troubles that exceeded even his own fears. Soros criticized bailout packages sponsored by the International Monetary Fund to help countries like Thailand and South Korea stabilize their finances, saying they lead only to weaker confidence in those countries and price deflation. Instead, Soros proposed setting up an International Credit Insurance Corporation as a sister institution to the IMF. The new organization would guarantee the loans for a fee and borrowing countries would have to submit strict data on all of their borrowing activities. "This would enable the authority to set a ceiling on the amounts it is willing to insure," Soros said in the Times. "Up to those amounts the countries concerned would be able to access international capital markets at prime rates. Beyond these, the creditors would have to beware." Soros hoped that this would limit the amount of excessive borrowing done by these countries and also allow for a more transparent operation of their finances. The financier may find an unwilling audience in Southeast Asia. Monetary officials in the region have blamed his currency speculation for causing even greater instability in those countries. In particular, Malaysian Prime Minister Mahathir Mohamad has accused Soros of being behind the whole Southeast Asian crisis.