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Strategies & Market Trends : Roger's 1998 Short Picks -- Ignore unavailable to you. Want to Upgrade?

To: Joey Two-Cents who wrote (12871)	8/17/1998 12:36:00 AM
From: scope	Respond to of 18691

WoW!!!!!!!!! Another big Black Monday for tomorrow.Fasten your belts.All my worthless August puts are coming back to life.

To: Joey Two-Cents who wrote (12871)	8/17/1998 8:06:00 AM
From: Kip518	Read Replies (1) \| Respond to of 18691

Internet to blame for world financial crisis -- Singapore On Guard For Crisis Reactionary Forces By WAYNE ARNOLD Dow Jones Newswires SINGAPORE -- As economic pressures create fissures in Asia's social edifice, leaders of this small nation are on the lookout for a resurgence of the reactionary forces that plunged the region into war 60 years ago. In an exclusive interview late last week with The Asian Wall Street Journal, Singapore's Minister for Information and the Arts George Yeo likened Asia's present predicament to the global depression that helped usher in Germany's Nazis and Japan's militarists in the 1930s. "If we're not careful and we don't manage the financial crisis well, similar forces of reaction will arise," said Yeo, who is also Singapore's second minister for international trade and industry. The minister's comments come amid a series of statements and policy changes that cast Singapore as an island of openness and reform in a region being punished for the sins of poor government. Prime Minister Goh Chok Tong has been preaching the virtues of free trade. His predecessor, Senior Minister Lee Kuan Yew this weekend attributed the suffering in other countries as the results of collusion, corruption and nepotism. The day before, Finance Minister Lee Hsien Loong, the senior minister's son, announced new rules relaxing some restrictions on the use of Singapore's currency in international trade. Yeo said Singapore's government, which has remained in power since Singapore's independence 33 years ago, is overhauling its regulatory system to adapt to a changing global environment, where the free market - not the government - increasingly sets the rules. Singapore hasn't been spared from the crisis. Asset prices are tumbling and bankruptcy and unemployment are rising. Speaking in his office overlooking the port that has been the lifeblood of this resource-deprived nation, Yeo singled out information technology, the advanced computer networks that power the Internet and the financial systems that enable traders to move billions of dollars around the world in an instant, as the primary catalyst behind the challenges to Asia's status quo. Information technology, he said, was posing a threat to both Asia's traditional social hierarchy and to governments' ability to control their economies. The trick for Singapore, he said, would be to migrate its cultural strengths into cyberspace, and capitalize on its reputation for clean business to remain a trusted financial center. He said his biggest worry, however, was that economic hardship would give rise to politics of intolerance. Yeo pointed to the violence against ethnic Chinese in Indonesia as well as Australian politician Pauline Hanson and her campaign to restrict Asian immigration as well as Malaysia Prime Minister Mahathir Mohamad, who has blamed some of his countries problems on international currency traders. "When people are hungry and in despair, they want simple explanations. And there will be any number of leaders who will stand up to give them simple explanations."