phdinsuntanning

The 'Plunge Protection Team' Working Overtime: A Play-By-Play

business as usual, Hong Kong government did the same in the asia crisis of 1998 and HK was the only south east asian economy undamaged by the collapse of currencies, well, malaysia closed the capital account and succeeded too, what do you prefer? when blind speculation is in command governments must act, at least in the short term...take the other extreme and you have Chile in 1982, no gov intervention in the market, GDP fell 14%, main banks broke, currency 300% down and central bank still in red 25 years later...good job Gary