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To: Pete Young who wrote (5459)	1/9/1998 2:32:00 AM
From: Richnorth	Read Replies (1) \| Respond to of 116836

Hi Pete, Pleased to make your acquaintance! I was able to come up with the idea that the Asian Crisis (or mess) was something allowed to happen because I had lived in S.E. Asia for more than nine years (in the 1960s). Needless to say, I fully agree with the sentiments expressed in the "Z" magazine article by Petras. Some American patriot on this thread thought the Asians were solely to blame for what had happened. He argued that it was the Asians who had borrowed beyond their ability to pay back and that they had overproduced. Apparently, he was not aware that the lenders that have always made capital readily available (or even encourage borrowing) despite being aware of warning signs. Apparently, the lenders threw caution to the winds because they felt certain the US and the IMF would bail them out in a crisis crunch. It had happened several times before! Take Mexico as an example. Mexico paid back its debt to the US with the money the US had deposited into Mexico's account!!! Big joke, eh? Only this time, however, both the US and the IMF insisted on tough conditions being met by Indonesia and S. Korea before they would dole out the money. Well, so much for that before some more feathers get ruffled. By the way, please tell me how I may subscribe to "Z" magazine. Email me if you wish at rienzi@internorth.com. Cheers, Richnorth