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

To: Liatris Spicata who wrote (7648)	12/3/1998 11:48:00 AM
From: Z268	Read Replies (1) \| Respond to of 9980

Thread, another article on the human costs of the crisis in Asia: nytimes.com Note that this is from the ILO, so it presents the other view, so to speak. The article makes a very telling point. In most of the Asian economies, there is very little or nothing in the way of even a small modicum of social security umbrella. This, and the suddenness and speed with which material misfortune has befallen millions of Asians, have resulted in a mindset of dashed expectations and hopes that is going to take years to recover psychologically. As in any large scale social upheaval, I fear there will be an entire generation of disenfranchised former Asian middle class who are now steadily descending toward poverty. Many of these will not have a clue as to how to slug their way out, or simply no longer have the will and determination. Much of what the ILO report is corroborated by feedback from my contacts, friends and relatives in the region. They paint the usual expected story : street crimes on the increase, massive unemployment, prostitution on the rise, etc. If the crisis is prolonged, there is a real danger that some nationalist charismatic crackpot will emerge, and the masses will flock to him/her. History has a habit of repeating itself. The rise of communism in Russia and China was possible because of the widespread suffering of the masses in those countries, likewise the rise of Nazism in Germany was possible because of widespread depression and wounded national pride. Yesterday I read another report where the World Bank sharply criticised the early IMF policies. Today's co-ordinated move by 10 central banks in Europe to cut interest rates is a hopeful sign that governments appreciate the seriousness of the underlying problems and what potentially may be at stake. Best, Steve Yeo

To: Liatris Spicata who wrote (7648)	12/3/1998 5:40:00 PM
From: Mark Myword	Respond to of 9980

>>Yes, snail mail to Eun Joo's mom would be less expensive, but I gather it takes up to six weeks for a personal check from the US to clear a Korean bank. Oddly, according to my neighbor who was CFO of a $900 million Korean company, Korean banks treat cashier's checks the same way they do personal checks. But, according to info I received this AM, a money order from the US Post Office is as good as cash to a Korean bank. Go figure. So, in the interests of making a seasonable contribution, I will plan on the post office route, and hope the information I received was correct.<< Larry - I would call American Express and see if they can send the $$ electronically to her hometown - she can go to the local office, sign for it, and walk out with cash. PtmD