{"id":5545,"date":"2013-08-28T00:03:16","date_gmt":"2013-08-27T16:03:16","guid":{"rendered":"http:\/\/onthe8spot.com\/?p=5545"},"modified":"2013-08-28T00:03:16","modified_gmt":"2013-08-27T16:03:16","slug":"dont-blame-the-fed-for-asias-problems-bloomberg","status":"publish","type":"post","link":"http:\/\/onthe8spot.com\/index.php\/2013\/08\/28\/dont-blame-the-fed-for-asias-problems-bloomberg\/","title":{"rendered":"Don\u2019t Blame the Fed for Asia\u2019s Problems &#8211; Bloomberg"},"content":{"rendered":"<blockquote><p>The same can\u2019t be said of 1994, the year the Federal Reserve last reminded the world that its monetary policy is decided in Washington, not Bangkok, Jakarta or Seoul. Then-Fed Chairman Alan Greenspan doubled benchmark interest rates over 12 months, causing hundreds of billions of dollars in bond-market losses and helping set the Asian financial crisis in motion. The dollar\u2019s post-1994 rally made currency pegs impossible to maintain, leading to devastating devaluations across the region.<br \/>\nAsia\u2019s real problem was hubris. All that hot money coursing in its direction in the 1990s made rapid growth too easy. Policy makers were too busy signing foreign-direct investment deals, attending ribbon-cutting ceremonies for factories and flashy skyscrapers, and congratulating themselves for surging stocks to do their real jobs. Financial systems went neglected, unproductive investments accumulated and cronyism ran wild.<br \/>\nvia <a href=\"http:\/\/www.bloomberg.com\/news\/2013-08-26\/don-t-blame-the-fed-for-asia-s-problems.html\">Don\u2019t Blame the Fed for Asia\u2019s Problems &#8211; Bloomberg<\/a>.<\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"<p>The same can\u2019t be said of 1994, the year the Federal Reserve last reminded the world that its monetary policy is decided in Washington, not Bangkok, Jakarta or Seoul. Then-Fed Chairman Alan Greenspan doubled benchmark interest rates over 12 months, causing hundreds of billions of dollars in bond-market losses and helping set the Asian financial &hellip; <\/p>\n<p class=\"link-more\"><a href=\"http:\/\/onthe8spot.com\/index.php\/2013\/08\/28\/dont-blame-the-fed-for-asias-problems-bloomberg\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Don\u2019t Blame the Fed for Asia\u2019s Problems &#8211; Bloomberg&#8221;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[79],"tags":[],"class_list":["post-5545","post","type-post","status-publish","format-standard","hentry","category-reposts"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/onthe8spot.com\/index.php\/wp-json\/wp\/v2\/posts\/5545","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/onthe8spot.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/onthe8spot.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/onthe8spot.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/onthe8spot.com\/index.php\/wp-json\/wp\/v2\/comments?post=5545"}],"version-history":[{"count":0,"href":"http:\/\/onthe8spot.com\/index.php\/wp-json\/wp\/v2\/posts\/5545\/revisions"}],"wp:attachment":[{"href":"http:\/\/onthe8spot.com\/index.php\/wp-json\/wp\/v2\/media?parent=5545"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/onthe8spot.com\/index.php\/wp-json\/wp\/v2\/categories?post=5545"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/onthe8spot.com\/index.php\/wp-json\/wp\/v2\/tags?post=5545"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}