1997 Asian financial crisis - Wikipedia
In theory, such a world couldfunction indefinitely provided that currencies were relatively stable; provided that currencieswere widely accepted and interchangeable; provided that large trade imbalances did notdestabilize the system; and provided that currencies were not debased excessively, i.e., in areckless or irresponsible manner, which would lead to a variety of economic problems.
The Effect Of The Coming Recession On The Oil Price
Since the founding ofthe Organization of the Petroleum Exporting Countries in the 1960s (currently Algeria, Angola,Ecuador, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates, andVenezuela), oil has been priced in and sold in US dollars worldwide.
Understandably, Voltaire failed to consider a world where allmoney was purely transactional rather than a store of value, and where the relative values ofcurrencies were managed in a loosely coordinated manner by central banks and governmentsthrough manipulation of the money supply, interest rates, etc.
East Asia Pacific Economic Update - World Bank
The S&P Goldman Sachs Commodity Index (GSCI), which contains 24 commodities (includingenergy, industrial and precious metals, agriculture, and livestock), is designed to minimize theimpact of events that affect individual commodities and to respond in a stable way to worldeconomic growth.
The U.S. Recovered From The Recession Faster Than …
Twenty years ago, companies went bankrupt and governments from Thailand to South Korea were forced to seek bailouts from the International Monetary Fund when their tumbling currencies made servicing US dollar loans impossible.
The Asian crisis began when speculators brought down the Thai baht. Within months, the currencies of Indonesia, South Korea and Malaysia were also affected. The East Asian Miracle turned into an Asian financial nightmare.
In particular, the countries had recently liberalized their financial system in line with international advice. This enabled local private companies to freely borrow from abroad, mainly in US dollars. Companies and banks in Korea, Indonesia and Thailand had in each country rapidly accumulated over a hundred billion dollars of external loans. This was the Achilles heel that led their countries to crisis.
The Tragic Cost Of Recession - HuffPost
Chinas population of 1.333 billion, compared to roughly 308 million in the US, represents thelargest emerging market in the world, and Chinas already substantial consumption of resourcesis growing rapidly.
A Post-Recession Update on U.S. Social and Economic Trends
Chinas Seven Dragons
The five dragons of the ancient Chinese zodiac (fire, earth, metal, water, and wood) aresuggestive of Chinas tremendous natural resources, which include coal, iron ore, oil, natural gas,mercury, tin, tungsten, antimony, manganese, molybdenum, vanadium, magnetite, aluminum,lead, zinc, uranium, as well as the world's largest hydropower potential.
Here’s What Could Make the Next Global Recession …
Together, Asian countries account for 60% of the earths human population and control majorportions of world resources such as corn, cotton, gold, rice, rubber, silver, water, and wheat toname only a few.