Coyner’s Comment
Recently, when Asian senior financial bureaucrats met with their American counterparts in Jackson Hole, Wyoming, they asked the US for better coordination with the Feds future changes in quantitative easing. The Americans replied that it was none of the Americans’ business to be managing or assist in the management of the macroeconomics of Asian countries. In other words, the Americans were saying they had enough on their plate to keep them more than preoccupied and it was up to the other countries to take full responsibilities of getting their own houses in order.
Now that may sound something boarding on unintentional protectionism from the US, but from reading the below, one can better appreciate the Americans’ position.
Whatever the philosophy, hot money is now fleeing Asia for the US. Where this is going in the medium- and long-term is open to anyone’s speculation. But for now, we should be aware why this is happening and understand it is not entirely about Washington and its QE decisions.
Asia’s real problem is boosterism
by William Pesek
Korea JoongAng Daily
Aug. 28, 2013
It’s time to set our clocks back in Asia. Not to 1997, but to 1994.
http://koreajoongangdaily.joins.com/news/article/article.aspx?aid=2976728
It’s time to set our clocks back in Asia. Not to 1997, but to 1994.
