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To: Broken_Clock who wrote (24183)	6/15/1998 9:20:00 PM
From: Chuzzlewit	Read Replies (2) \| Respond to of 95453

PK, that's an awfully simplistic view of the Asian economic crisis. Blaming the G5 is a convenient scapegoat, but the real problem was currency arbitrage made possible by Asian governments that pegged their currencies to the dollar and interest rate arbitrage. These companies were getting a higher interest rate in local currencies than they could for dollar denominated loans. So they borrowed dollars and leant out local currencies and pocketed the spread. The "economic boom" was a front for the real action. When arbs from around the world starting attacking these currencies and the central banks found they could no longer afford to support the currency ... well, we know the rest. My personal view is that the Asians will have to start growing their economies before we see any meaningful rebound in the price of oil. TTFN, CTC