Word: regionals
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Dates: during 1990-1999
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Zimmerman, a 1996 Honorable Mention All-American, is coming off of a frustrating season in which he missed four weeks with torn ligaments in his thumb. Now healthy, Zimmerman will look to return to the form that has made him one of the best 2-meter men in the region...
...imminent. But for Mahathir, flipping the Western economic establishment the bird is part of his plan?s allure. The West, Mahathir insists, fears a ascendant Asia, with its large Muslim populations and strong governments, and is gleefully exploiting the Asian crisis as an opportunity to tear down the region's governments and replace them with toadies. In Mahathir's play, the pound of flesh has already been torn away. Like its neighbors, Malaysia lies bleeding, but when Korea, Thailand and Indonesia eagerly gulped down $150 billion in IMF bailout loans, Mahathir wanted none of the West's medicine. Shylock, after...
...this age where economic and political ideology have become inextricably entwined, the stakes are high. Mahathir evidently dreams of an Asia resurgent on its own terms, reborn in its own image, not that of the West. If his course succeeds, and Malaysia recovers, the rest of the region could follow his example and pull disastrously back from necessary economic reforms. At worst, the West could eventually be confronted with a China-led belligerent East -? and new Cold War for the 21st century. At best? Malaysia does as Krugman recommends: use the breathing room afforded by the plan to continue reforms...
...currency speculators, having knocked off Asia's weaklings, such as the Thai baht and the Malaysian ringgit, are now taking on the region's Godzillas: the Japanese yen, the Hong Kong dollar and the Chinese renminbi. The three are relatively stable, buttressed by huge economies and, in the case of the renminbi and the HKD, by solid "pegs" to the U.S. dollar that the Chinese government has pledged to defend--even at tremendous national cost...
That cost is growing. Last Tuesday the yen hit a new low--about 147 to the U.S. dollar--and the region hiccuped with pain. The cheap yen was a strong signal to investors who were betting that Asia has farther down to go before it takes any steps up. On international markets, it was the yen slip that triggered the attack against the HKD. During a weeklong run-and-gun battle between speculators and the Hong Kong Monetary Authority, the peg remained firm. (The HKD is pegged to the U.S. dollar at a ratio of 7.8 to 1.) A defiant...