Although Asian economies had less direct exposure to the toxic sub-prime mortgages that are wreaking havoc on U.S. and European markets, they expect to take a major hit from a drop in exports and foreign investment. Full Story »
Posted by Peter L. Combs
In clear language the least economically inclined can easily comprehend, Bodeen gives a stark picture of the scope of this global economic crisis.
Interesting to note that the ASEM is a high-end, 43-nation international discussion group with no mandate for making decisions. It includes representatives from large and powerful nations to small and impoverished. Nevertheless, they all realize that, despite their differences in view, political system, or relative wealth, they need to find a way to collaborate in order to resolve the global economic crisis. Isn't it about time the USA started thinking the same way?
“We need a coordinated global response to reform the global financial system. We are living in unprecedented times and we need unprecedented levels of global ... More »
The primary article and supporting article "Global panic as investors take fright at spreading recession" by Gary Duncan both demonstrate the importance of China's new world role in finance. While all the other attendees at the ASEM are important, China stands in the center of the room as a potential stabilizer.
While I think Asia will suffer from drops in commerce and foreign trade, it will be much less affected internally as it has not overburdened it's own economy with bad mortgages due to poor regulation of credit markets as has happened in the USA and the EU..and elsewhere. China may emerge as a steady hand on the tiller of the worlds economic ship. Ironically, it seems the US and other free trade nations could learn form teh Chinese Model.
This article is very informative! It talks about the financial crisis on a global level, which I find intriguing. And the fact that world leaders are getting nervous about changes in currency shows me the magnitude of this economic crisis. I just got slightly more depressed about our economic situation.
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