Hiii. Meron ba rito na naiintindihan nangyari noon? Need ko help in understanding eh. I'm writing a paper about it. Thank you!
I've never seen this film, I only read about it once; now I cannot seem to find it. Apologies for the lack of information.
Hi y'all, I be a-doin' some writeup on the Sino wiki and some basic fact checkups had me wonderin'
Hong Kong reunited with da zuguo on July 1, 1997. Asian Financial Crisis also more or less started in July 1997 (Thailand floated the baht on July 2nd, 1997).
Thailand obviously did have structural weaknesses: at its most fundamental insufficient foreign exchange reserves.
But also too is the role of currency speculators who basically decided collectively to short the baht, so that by June 1997 the baht was under heavy fire. These are the same actors trying to play vulture with Hong Kong SAR rn, hence salty Kyle Bass.
This all seems rather... oddly... coincidental. Especially since China did promise to back up Hong Kong SAR and stuck by its word. So umm... anybody have anything to confirm my suspicion that AFC may have been timed to test/crash China at a politically sensitive time?
In light of this weeks theme being the 1990s, i was wondering about the (1) background and causes leading up to the 1997 Asian Financial crisis, and (2) it's immediate aftermath, and without breaking the 20 year rule too much, it's (3) longterm consequences, that also including possible non-economic consequences (like regional diplomacy).
If anyone wants to only answer parts of it or answer how it related to a specific country, that is very welcome. I mainly just wanted to read up on it and it happened to be relevant to this weeks theme.
I frequently engage in thought experiments in my free time, and the recent news on the trade war plus all that talk on de-globalization makes me wonder about it. I mean, there have been so much articles on the benefits of globalisation and how the everyday consumer benefit (Youtube, online courses, wider variety of stuff in supermarkets).
But I did a google search and there is surprisingly little information on how much of everyday daily life would change if globalization goes into reverse.
I thought about it and it seems like in Singapore's context, the worst recessions in its independence history would be a good place to start.
Now, for the 1997 AFC, I was still in school, and although I remember reading and hearing about mass layoffs, it didn't really register.
But I lived through the 2008 GFC and the aftermath of the Great Recession, and I clearly remember jobs being scare (at least from my point of view) from 2009 to 2010, and I minimized my spending. I kept telling myself the economy was bad and I needed to hold onto my job for dear life because the alternative was long-term unemployment, and my colleagues also said the same thing. The bizaare thing was that I watched my colleagues and peers spent money on shopping, food and holidays as if there was no GFC. And when I went to the shopping malls, people were still buying stuff, in fact, it seemed that everyone was spending except me.
I am considering the impact if globalisation and world trade goes into major reversal and tariffs and immigration barriers really go up among the major G-20 and OECD economies. (I like to engage in thought experiments every now and then).
I think the price of basic staple and commodities (Rice, Noodles, Bread, Sugar, Salt) will remain the same or slightly more expensive, due to government intervention. Vegetables, meat , seafood and more exotic items (like Sashimi ) and will go up in price, and depending where they're from, can be anything from a 10% increase to a doubling of prices. There would be less jobs available and people would (generally speaking) shop less
So I was kinda interested about the whole financial crisis that happen in Asia, Thailand 1997, so I want to ask
How did this problem got spread into other country like Singapore, Malaysia, indonesia, Hong Kong, etc.
With a little knowledge of economic, can you please briefly explain it?
As well, what can this tell us about what their response to their current economic woes might be?
As someone born in the 90s and was still a child too young to understand anything, what have we done after the 1997 financial crisis? Amidst the current political/financial scandal, news outlets have been quick to point out on reforms that we should have carried out but have not. It'd be best if someone can shed some light on this.
- Was the peg against the USD a correct move?
- William Pesek said that we didn't do what the other countries did in 1997 by heeding IMF's advice (whether the advice is good or not, that's another question) so now we suffer. Is this true?
- Was Zeti right when she said that the fundamentals of Malaysia are actually strong enough to weather through this turmoil?
- What can ordinary citizens do at this point? Many are in a hurry to exchange foreign currency which would hurt our economy even more.
- What can we do to better the situation?
In some recent readings, I have come across a lot of claims about how the 1997 Asian financial crisis was triggered by a "wage revolt" the working class in Korea, China, and Indonesia. I am not sure where to begin in reading more about this, and wondered if I can get suggested some readings.
