Re: Fw: NEW DEM DAILY: Help for Argentina: Right Decision; Valuable Lessons

[SOncu@xxxxxxx]

<SNIP>

>During the Asian financial crisis of 1997-99, President Clinton's
>international economic team -- Treasury Secretaries Rubin and
>Summers, Commerce Secretary Daley, and U.S. Trade
>Representatives Kantor and Barshefsky -- provided sound policy
>guidance and calm assurance to markets.

<SNIP>

>Compared to the pros on the field during the crises of the 1990s,
>the Bush team is so far turning in a junior-varsity performance.
>Let's hope the IMF decision shows they are getting their signals
>straight -- and let's also hope the brawling critics on the left and
>right sides of the grandstands take the game more seriously.

<SNIP>

I cannot say that the Bush team is doing a good job but whoever wrote this
article  gave undue credit to the Clinton team. As we say back home, even my
father could have contained the "Asian Crisis of 1997-1999". It was a
financial crisis emanating from the periphery/semi-periphery. At that time
the demand in the core was still strong and the South East Asians were able
to export to the core, which made it not so difficult for the Clinton team to
stop the crisis before it reached the core. This time it is different. This
time it is the core which is the epicenter of the earthquake. This time the
crisis is emanating from the core and shows all the signs of an
overproduction crisis. How can one expect the Bush team to solve such a major
problem? They don't even represent the finance capital and hence their
interests don't coincide with the interests of the IMF. Further, as Chris
once said: "Global finance capital is at present virtually bankrupt of any
ideas about what to do about the appalling situation in the world."

Sabri Oncu

P.S: Rob,  thanks for the Miserabilists Update, yoldas.