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Strategies & Market Trends : Asia Forum -- Ignore unavailable to you. Want to Upgrade?

To: see clearly now who wrote (3457)	5/11/1998 11:07:00 AM
From: Worswick	Read Replies (2) \| Respond to of 9980

I shall attempt a qucik and dirty answer Arnold. Is there control of the world financial Institutions by a Cabal of Interested Parties. There was in tiems past a group of informed liberal minded men who thought they controlled the fortunes of the world through the operations of the world's central banks. Boom. Suddenly, out of the woods emerged the currency speculator... and the currency "trader" who profited from swings in government-pegged exchange rates and Bretton woods was no longer the same again. I think the illusion of the control of central bankers was shattered finally and irrevocably in the Latin debt crisis of the 80's when so many commercial banks had bought into the idea that "nations never default". Well. They did. And we still haven't appreciated what this meant for the world of nations involved in commerical transactions. In the Latin debt crisis you remember JP Morgan and most of our banks involved in "Soverign loans" had negative net worth. The greatest banks inteh world were "under water". So other nation states (the US as the "lendor of last resort")got into the game of the Brady bond type financial instruments to bail out the west. To all of this.... there isn't a cabal of men sitting around in a dark room under a tin high hat lamp on a dangling cord setting the financial agenda of the world. The currency speculators are the closest one could come to this but they are such a disparate group both culturally and emotionally that it is hard to imagine them all in the same room for ten minutes together. Hope this helps a bit.. if it is a bit muddled. With Asia we are back to say...1984. My best,