Asian economic meltdown
24 January 2015
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By John Chan, 4 July 2011
There is deep fear that the huge debts, combined with the worsening financial turmoil in Europe, will unleash economic instability and working class unrest.
By Nick Beams, 14 April 2011
While financial markets have been stabilised over the past two years due to massive inflows of government funds the threat of another meltdown is ever-present.
By Nick Beams, 18 March 2011
The Japanese earthquake disaster could well be the catalyst that sets off a new stage in the global financial breakdown that began with the collapse of Lehman Brothers in 2008.
By John Chan, 30 November 2009
China’s huge stimulus bank lending, combined with the US Federal Reserve Board’s loose monetary policy and US pressure on China to revalue the yuan to the US dollar, is fuelling East Asian property prices and creating new global financial instabilities.
One year since the start of the 'Asian meltdown'
By Nick Beams, 30 June 1998
When the Thai government announced its decision on July 2, 1997 to float the baht, it did not make major headlines in the world news media. There were reports of problems in the Thai economy but certainly no indication of the momentous events to come.
By Nick Beams, 19 June 1998
One week ago Treasury Secretary Robert Rubin was telling the US Congress that no intervention would be undertaken to stop the fall in the Japanese yen. It was up to the government in Tokyo to take action, he insisted.
Recession hits Japan
By Nick Beams, 16 June 1998
The world economy seems to be afflicted by a severe case of schizophrenia. On the one hand the United States, according to official accounts, is enjoying continued economic growth, low inflation, unprecedented wealth creation and falling unemployment. On the other, conditions in Japan, the world's second largest economic entity, are openly described as similar to the 1930s Depression.
Deflation, production cuts and currency turmoil
By Nick Beams, 2 June 1998
The last week in May was a bad one for world capitalism, and could well signal the start of many worse days to come.
The Asian crisis and world capitalism
By Nick Beams, 26 May 1998
Testimony delivered last week to the US House of Representatives by Federal Reserve Board chief Alan Greenspan and Treasury Secretary Robert Rubin has highlighted growing fears in world financial circles that the Asian crisis, far from being over, is only just beginning.
By Mike Head, 19 May 1998
Many international business commentators are referring to the Indonesian crisis as only the first eruption of the turmoil to be unleashed by the "second and third waves" of a financial meltdown.
By Nick Beams, 13 May 1998
When the present decade began the air was filled with noisy declamations that the capitalist market had triumphed, socialism was buried forever and Marxism had become a dead letter. The historian Francis Fukuyama even suggested that, with the collapse of the Soviet Union, history itself had come to an end. Society would now operate according to the unfettered and automatic laws of the market.
Australian SEP national secretary lectures at universities
By our reporter, 24 April 1998
More than 350 students, academics and workers attended lectures on the Asian economic meltdown and the global economic crisis of capitalism, delivered by Nick Beams, the national secretary of the Socialist Equality Party in Austrlia, over the past month.
Economic ministers gather in Washington
By Nick Beams, 16 April 1998
When the finance ministers and leading economic officials of the 22 major capitalist countries gather at the Willard Hotel in Washington this Thursday, they will have more on their agenda than the immediate financial crisis in Asia.
Tokyo rejects US demands on economy
By Mike Head, 24 March 1998
The meltdown of the East Asian economies, which has already plunged Japan into its worst recession since 1974, is reigniting fundamental economic and political antagonisms between Washington and Tokyo.
By Mike Head, 26 February 1998
The G-7 finance ministers, meeting in London last week, were unable to produce any plan to resolve the economic meltdown centred in East Asia.
By the Editorial Board, 23 January 1998
The collapse of the Hong Kong-based investment bank, Peregrine Investment Holdings, has underscored the shaky state of the financial system, both in Hong Kong and China as a whole. Peregrine, one of the largest investment houses in Asia, specialized in dealing in so-called "red chips"--shares from mainland China traded in Hong Kong.