Deep Down, If We Really Accept That

In Asia, A Lot Of Successful Economies That Had Been Living On Their Own Saving, Decided To Open Up Their Financial Markets To International Capital In The Early 1990s. So Here Were Countries Doing Quite Well, But They Decided To Borrow A Bit More And Do Even Better.

We've Taken The View That If The Rest Of The World Would Democratize And Create Market Economies, That Would Spread The Benefits Of Prosperity Around The World, And That It Would Enhance Our Own Prosperity, And Our Own Stability And Security, As Well.

In The Early 1990s, When A Lot Of The Developing World Opened Up To International Capital Flows... They Ended Up In Very Good Long-term Projects, But Projects That Weren't Going To Pay Off For Five Or 10 Or 20 Years.

Devaluations Are Never Easy.

The Runs Started In Thailand After The Imf Intervened In Such A Dramatic Way. Then The Imf Came To Indonesia.