Loading ...Now we have their diabolical Virus Germs. In my view, soon after that every thing changed for the USA and globalization itself. A big tangled fishing line. I hear England is setting up customs near the border. Like its a separate country now.
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The Asian financial crisis, also called the “Asian Contagion,” was a sequence of currency devaluations and other events that began in the summer of 1997 and spread through many Asian markets. The currency markets first failed in Thailand as the result of the government’s decision to no longer peg the local currency to the U.S. dollar (USD). Currency declines spread rapidly throughout East Asia, in turn causing stock market declines, reduced import revenues, and government upheaval.
The crisis was rooted in several threads of industrial, financial, and monetary phenomena. In general, many of these relate to the economic strategy of export led growth that had been adopted across developing East Asian economies in the years leading up to the crisis. This strategy involves close government co-operation with manufacturers of export products, including subsidies, favorable financial deals, and a currency peg to the U.S. dollar to ensure an exchange rate favorable to exporters.
When the Asian Contagion hit the Pacific Rim counties in 1997-1998 South Korea, which was the 2nd most prosperous Asian country next to Japan, was practically dealt a knockout blow and was plunged into shock and stunned devastation almost overnight. Their government made a great patriotic appeal to their people to turn in and donated their gold of all kinds, jewelry etc. to the government. They didn’t appeal for cash donations, they needed gold to bolster their international standing to prop up trade deals and prevent default and catastrophic implosion of debt instruments to other countries. The exact same thing happened there in 1907. Each time the people responded and saved their country. Even gold in private citizens hands still strengthens a country. China began actively encouraging their private citizens to accumulate gold in addition to their own national buying by their gov. and PBC. China is the world’s largest producer of gold but does not export a single ounce. In addition they’ve been aggressively buying as much as they can source for the past 15 years or so. So has Russia. They know what coming.
https://www.investopedia.com/terms/a/asian-financial-crisis.asp