Word: asianized
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Dates: during 1990-1999
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...Rubin has discovered that a big part of the job comes down to managing the economies of nations overseas. After taking a shellacking from Congress in 1995 for successfully bailing out Mexico with $20 billion in taxpayer-backed loans, Rubin was hardly eager to get out front in the Asian economic crunch. As the liquidity crisis swept across Southeast Asia last summer, Rubin and other U.S. officials urged the International Monetary Fund to take the lead. Washington did not regard the Thai or Malaysian economy as vital to American interests, and in a year that had seen far too many...
...when the Asian contagion reached the Korean peninsula in September, Rubin could no longer soft-pedal the problem. South Korea is the world's 11th largest economy, America's fifth biggest trading partner, and home base for 37,000 U.S. troops who guard the border with a hostile, if starving, North Korea. Nearly every nation, from the U.S. to Slovenia, had a piece of Korea's foreign debt, and none held more than Japanese banks, which, by the standards of U.S. bank examiners, are themselves in varying states of insolvency. It didn't take much imagination...
...financial markets, lower trade barriers and revise its banking structure--moves demanded by Rubin and transmitted to the IMF. Mindful of the likely congressional reaction, the U.S. offered only to provide a small amount in loans--but not unless necessary. American officials played down the crisis. Clinton called the Asian markets a "glitch." Still, the markets kept glitching. After a brief rise, South Korea's stock market plunged again. By mid-December more than $1 billion a day was flowing out of Korea...
Though it had been scheduled earlier, the Dec. 18 dinner was the turning point for U.S. policymakers. Japanese markets had dipped nearly 6% overnight, and the Dow Jones industrial average had dropped more than 100 points. Fears were spreading that an Asian recession would shrink earnings of American companies and halt the U.S. economy's remarkable and long-running growth. Just that morning, South Korea's foreign-exchange reserves had fallen to less than $10 billion. Default was about 10 days away...
...agreed to last October. Earlier, Suharto had seemed oblivious to the crisis when he sparked panic by announcing a budget woven of pure fantasy. The job of leaning on Indonesia now falls to Deputy Treasury Secretary Larry Summers and Defense Secretary William Cohen, who both visit Jakarta and other Asian capitals this week, along with a senior IMF delegation...