That's like the old saying goes, "If you don't learn from history, you're bound to repeat it."
Bubble in austerity shows Europe is ignoring 1997
As Greece burns, European officials fiddle and Asia braces for another global crisis, my thoughts are on Thailand. This summer marks the 15th anniversary of the baht devaluation that ignited one of historyís worst meltdowns. Thailandís plunge ricocheted from Indonesia to South Korea to Malaysia before heading west. The pain went global with the Dow Jones Industrial Average plunging more than 500 points in a single trading day, hedge funds blowing up and giant bailouts becoming a norm. Fifteen years on, the world finds itself upside down. In 1997, Asia sent contagion to the West; since 2008, Europe and the U.S. have returned the ... (full story)
- Posted: May 24, 2012 10:32pm
- Submitted by:Category: Fundamental AnalysisComments: 4 / Views: 1,205