Zeev's Turnips Patch-No Politics (ZEEV)

[Zeev Hed]

That is what happened to Thailand, Indonesia and then Korea in 97, the speculators were borrowing yens at 1% and buying Thai bonds yielding 15%, until we started to raise (ever so lightly) the rates here in the US, which sent money from Thailand to the US in hope for continuing rise in rates here, that brought about Thailand and Indonesia imploding, and Korea getting to the brink (and the sharp October 97 correction later, here), but that was just a mild interruption in a still (then) powerful bull move.