Financial Crisis in Asia
Have you ever been in a situation where you were low cash and in debt? Well, I know I have. I remember one time whenI had used up all of my money for the month, and owed, at the same time, my sister ten dollars. Boy, that was pure hell. You can'tbuy anything, and you feel like you have no control over anything. Well, imagine an entire continent in a financial rut. That is whatis currently going on in Asia. This dilemma is known as the Asian Financial Crisis. Now, what exactly is the Asian Financial Crisis? Well, it is the current imbalance of Asia's economy. While some areas aredoing great, most areas are poor and economically unstable . Currency value has gone down drastically, the stock market is at anall time low, and people all over the continent are fearing for their futures. The United Nations definitely should get involved in this crisis. They should have been more involved in internationalloaning, which would have helped, if not prevented the debt Asia is in now. They also should have made sure that the currencyrate stayed stable the second the stock market began to drop. Perhaps, if the UN was more involved in Asia's economic affairs thiscrisis would not be in this state of mishap.
Including theUS people, they are fearing that the crisis will effect the US stock market. there are massive layoffs are occurring in the US, as a result of tthe Asian financial crisis. It meant that they didn't have to have special rules andlaws to make sure that their customers acted morally. So, in the end, Asian countries borrowed too much, and were careful toolittle. They should of made sure these countriesonly borrowed so much. Now it's in a difficult possition, in effect of the rapid recession, with growth down to 0. Theyshould have been there when the first signs of economic failure were shown and they should have made sure the currency ratestayed steady. They did not make any obvious effort to make sure the money eventually got returned to them. Perhaps here theUN could help the Jappanise government create these reforms. We learned that Some ofthe causes for the crisis were too much over seas borrowing, the stock market and unorganization. Well, looking back, we see thatthere are countries that were deeply effected, and countries that weren't that badly effected by the crisis. (Another country to look at is Hong Kong. So, all in all, a lot of not so good thingswere going around Asia and caused financial chaos in the Asian countries.
Common topics in this essay:
Indonesia Thailand,
Financial Crisis,
Especially Japan,
Hong Kong,
World Bank,
United Nations,
Robert Rubin,
Madeline Albright,
Japan UN,
,
hong kong,
stock market,
financial crisis,
asian financial,
asian financial crisis,
currency rate,
asian countries,
massive layoffs occurring,
involved international,
savings invested,
effected crisis,
vulnerable industries,
currency rate stayed,
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