Asian Countries Pooling Reserves to Protect Against the Incredible Shrinking Dollar, Part I
May 25, 2007 - Recently it was reported that the finance ministers from Japan, South Korea, Thailand, and China among other Asian countries would meet in Kyoto to discuss pooling some of the region’s $2.7 trillion in foreign-denominated reserves to serve as a buffer against speculators driving down the value of their domestic currencies as happened during the 1997 financial crisis. Though this is the “official” reason being offered to the financial media, and one that has not been challenged by the financial press, I’m not buying it.
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1 comment May 25th, 2007
