The "Asian Monetary Fund" or "Why Globalism is a bad idea."

[WhiskeyGirl]

Summers, Geithner eat their words as IMF loses grip
May 10, 2009

By William Pesek

The billionaire described Mahathir Mohamad as a "menace to his own economy".

Mahathir labelled Soros, one of the speculators blamed for attacking Malaysia, a "moron".

Was Soros a 'capitalist'?

The "Asian Monetary Fund," so passionately derided by Summers and Geithner at the time, is back. There is little a crisis-plagued US can do to stop Asia's $120 billion (R1 trillion) foreign exchange reserve pool. Its creation is the clearest sign yet that Asia is getting serious about combating the global crisis. Done right, it will bode well for the region's outlook.

Mahathir's anti-free-market rhetoric won him a special animus in the hearts of investors a decade ago. That was before the US, with massive public bailouts, low rates and "buy American" provisions, began reading from a similar playbook.

It's not Malaysia that Soros criticises these days, but the US.

Summers and Geithner are plenty busy trying to engineer that recovery. As Asia goes its own way, eschewing Washington's advice, there's little the US can do - besides keep quiet. - Bloomberg

read more here -
http://www.busrep.co.za/index.php?fSectionId=553&fArticleId=4972226

In the U.S., we're building up massive debt with no way to repay it.  On one hand, the Chinese will profit from our debt as we spend more and more time trying to pay off the massive balloon payments that come due in a few years - an American hamster wheel. 

No money to continue the programs Obama is constructing.  No money or confidence to return to the free-enterprise way.  No money to pay for all the past spending.

Man made destruction of our economy.  Is Asia of the belief that they must stand on their own two feet?  Globalism isn't all that? 

When one nation catches a cold, the others get pneumonia, and rich global capitalists and global corporations make money on everyone's misery?

jmho

[WhiskeyGirl]

Exchange reserve to boost Asian confidence

At the time of the Asian financial crisis in 1997, Asian countries had no choice but to turn to the International Monetary Fund (IMF) for financial support although the body prescribed a series of tough preconditions for assistance. The IMF, largely dominated by the US and other Western powers, arranged more than $100 billion of loans to hardest-hit countries - Thailand, Indonesia and South Korea - after their currencies collapsed during the crisis. In return, the three Asian nations were forced to cut spending, raise interest rates and sell state-owned companies. There is no doubt that the establishment of a financial blood pool of Asia's own will strengthen the capacity and enhance the efficiency of regional economies in handing a financial crisis.

Why is the U.S. doing the opposite?  Spending, spending, cutting interest rates, and creating massive state-owned companies? 

Why isn't the U.S. cutting spending, raising interest rates and returning to private enterprise?

http://news.xinhuanet.com/english/2009-05/11/content_11349870.htm

The U.S. already has a regional co-operative - the fifty states that united over the past 200 plus years.  Why aren't we building on our strength?  Why keep going outside for money?  Money from China and elsewhere?