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The high interest rate policy has made the troubled Thai economy even worse, and in a sense, it was the high interest rate policy that gave birth to the Thai financial crisis. The high interest rate policy further suppressed investment and consumption, exacerbated the economic recession, and created huge non-performing assets for commercial banks. High interest rates have increased the debt burden of companies and forced them to turn to international financial markets for low-cost financing, thus further expanding the scale of external debt.

This year, Thailand's external debt has reached $90 billion, equivalent to 50 percent of GDP, of which short-term foreign debt accounts for 60 percent, and the external debt due from June this year to June next year alone is as high as $45 billion.

While listening to the economist's speech there, Fan Wuxian said to Boss Zhu, "When interest rates in the United States rise, profit-seeking capital will exchange back to dollars and sell the local currency." Since there is no demand, the currency will depreciate, and if the fixed exchange rate is maintained, the local government will have to use foreign exchange reserves to take over the market to maintain the stability of the exchange rate. This kind of game depends on the amount of a country's foreign exchange reserves. When all foreign exchange reserves are depleted, the local government has only two options: to seek help from the International Monetary Fund and other countries, or to announce that it will abandon the fixed exchange rate and implement a free floating exchange rate. The outbreak of the financial crisis in Thailand operated according to the above-mentioned principles of monetary economics, as a result of the collapse of the Thai baht, the free floating exchange rate, and the request for emergency assistance from the IMF. ”

Boss Zhu nodded and said, "Hmm, the IMF is not the Americans who are in control of the right to speak?" Most of the financial crisis was also caused by them. ”

"That's for sure." Fan Wuxian nodded and said, "It was the same with Japan at the beginning, but this time with Soros and others charging into battle, the Americans appeared with the help of the IMF, like wolves in sheep's clothing." ”

Under the financial authority of the United States, the US-led IMF will, of course, put forward loan demands favorable to the United States to force foreign countries to accept, and the exception to such demands is the economic colonial demands of the US dollar, such as completely abandoning capital controls, abandoning bank restrictions on foreign capital, and so on.

South Korea is the most obvious example.

At that time, South Korea was the world's 10th largest economy, and the United States still retains a large number of troops in South Korea under the needs of the United States' geostrategy, and South Korea's development is regarded as a symbol of Asia's growth, and South Korea has foreign exchange reserves of 25 billion US dollars.

Under the threat that the Bank of Japan will not extend tens of billions of loans to South Korea, South Korea has proposed a rescue to the IMF~. To that end, officials at the U.S. Treasury Department and the International Monetary Fund (IMF) have prepared the largest emergency financial assistance in history of $55 billion, but only if South Korea commits to economic reforms.

。 These conditions are extremely harsh. So much so that the South Korean people would rather sell their gold jewelry to support the country's refusal to accept IMF aid.

Knot is. Unable to bear the pressure, the South Korean government finally decided to fully open up the financial industry to foreign investment. Foreign capital is allowed to enter the securities and banking industries. Liberalization of the foreign exchange market.

said the President of Indonesia. The Asian financial crisis was a financial war plot carried out by the United States against emerging countries.

Six years later. Thailand has repaid $12 billion in loans from the International Monetary Fund ahead of schedule. However, in order to repay the money, the depreciation of the Thai baht caused incalculable losses. Thai Prime Minister Thaksin Shinawatra solemnly stands under the Thai flag. The pledge never again to ask for any more "assistance" from these international bankers encouraged Thai companies to refuse to repay the debts they owed them.

The result was three years later. A coup d'état took place in Thailand. Thaksin was ousted. Away from the UK.

Fan Wuxi thinks about these problems every time. I can't help but sigh that it is a weak country that has no diplomacy. A weak country has no human rights, so it is not Hong Kong that has returned to the motherland. With the full support of this strong political and economic system, it is inevitable that Thailand will make the same mistakes. After being captured by Soros and others, he was defeated. Forced to accept the domination of the IMF by the Americans.

Of course, in fact, in history, Soros and others have also succeeded, making a mess of the Hong Kong stock market, and the Hang Seng Index has been beaten from 18,000 to 6,000.

This time, because of their own help, although the Hang Seng Index has also experienced a short sharp fall, but now it is finally stable around 12,000 points, this loss is still bearable, at least after the hot money leaves, the Hong Kong stock market can return to normal.

Moreover, in this stock market crash, Chinese-funded institutions are also very beneficial to them by repurchasing shares to support the market, after all, they have picked up a lot of cheap chips, which not only takes care of face, but also takes care of the inside, and there are few such opportunities in ordinary times.

Fan Wuxian said to Boss Zhu, "Now the whole world is working for the Americans, and the Americans are taking advantage of the depreciation of the dollar to export the financial crisis to Asia." Through the dollar, a country's wealth can be melted in an instant, and even regime change can occur without bloodshed. The lessons and enlightenment brought to us by the Asian financial crisis, triggered by the depreciation of the Thai currency, should cause us to ponder deeply and take precautions. ”

It can be said that it is precisely the excessive issuance of the US dollar that has produced a large amount of speculative capital, and the United States has taken advantage of the nature of capital to seek profits, and has taken advantage of the financial crisis to implant economic colonialism into Southeast Asian countries, and has also made the dollar, a knife weapon, and use Soros and other speculative capital as a medium to kill any corner of the world.

Under the financial hegemony of the US dollar, if countries with current account surpluses do not increase their foreign exchange reserves of US dollar assets, they may be attacked by speculative capital led by the US dollar, leading to the collapse of their own currencies.

This is why American strategists are doing everything possible to force other countries to relax exchange controls and allow the free movement of capital. In other words, as long as the threat of attacks by speculative capital in the context of the free movement of capital exists, non-dollar economies will have to constantly increase their foreign exchange reserves, and they will not have to constantly invest their foreign exchange reserves in the United States in exchange for assets in the form of dollars.

This is also an important reason why China's foreign exchange reserves later exceeded the $2 trillion mark, if nothing else, because they saw the tricks played by the Americans in the Southeast Asian financial crisis, so they became vigilant.

Although China is deepening its commercial and trade relations with other countries in the world, it will inevitably accept the free flow of capital, and in this case, the hot money flowing into China may exceed hundreds of billions of dollars at any time, and once they make trouble, the impact will still be very large, so China needs sufficient foreign exchange reserves to cope with various crises.

Even if he knew that such a large amount of foreign exchange reserves would only cheapen the Americans, he had no other idea to think of, unless it was to wipe the Americans off the face of the earth, which would be considered a hundred.

Of course, there is also the possibility of changing the international financial system with the US dollar as the main body, but it is obviously very difficult to do so, because the interest factors involved are difficult to change.

"On the other hand, any crisis, including the threat of war, will have the effect that the United States is a relatively safe haven for investment, and the dollar is a safe haven for the world's savings," Fan said to Zhu Ban. Past experience has shown that the United States has never had a large-scale war with a foreign country on its own soil, and the economic situation has remained relatively stable and growing, resulting in relatively high risk-adjusted expected returns, resulting in a disproportionate increase in global demand for American assets. Historical experience has reinforced this illusion among investors. Therefore, the United States is keen to constantly create crises, constantly exploit them, constantly drive dollars to the United States. This has created a situation in which the United States, which firmly grasps the commanding heights of finance, continues to issue dollars, and emerging economies such as Asia continue to produce goods to supply the United States in exchange for dollar surpluses, which are reinvested in the United States to finance the United States' current account deficit. The United States effectively becomes the lender of last resort and the ultimate consumer, which is the so-called phenomenon of poor countries feeding rich countries. ”

The boss nodded, thinking that he was studying economics and had a very deep insight into this set of ways, and this time the Southeast Asian financial crisis deepened his understanding of the United States' economic manipulation methods.

Asian countries, net oil exporters, and emerging countries in Latin America have all become blood transfusions to finance the United States, victims of the dollar colonial strategy, and victims of dollar knives.

These countries, on the one hand, hold huge amounts of US dollar foreign exchange reserves, and on the other hand, they have to bear the exploitation of the depreciation of the US dollar.

In the face of increasing external debt and the payment of its interest, the United States is congenitally inclined to issue additional dollars to depreciate its value and shrink its external debt in order to reduce the cost of debt servicing.

If the reserve countries sell US Treasuries on a large scale, it will cause them to depreciate, which will turn into a loss.

This was the dilemma of the Chinese government, which had the largest dollar reserves, and the $2 trillion foreign exchange reserves turned into a hot potato, leaving aside the high-energy monetary utility created by the two trillion dollars of foreign exchange reserves, and the excess liquidity and inflation expectations caused by the domestic market.

All in all, the export of the dollar to Asia and the return of the dollar to the United States is essentially the process of the United States looting the wealth of Asia, and the dollar is a knife, a new colonial exploitation. The appreciation and depreciation of the US dollar have had a tremendous impact on the economic development of Asian countries, and the Asian economy has increasingly become a subsidiary economy of the United States and a characteristic of a colonial economy.

As soon as Fan Wuxian thought of this, he thought of some things later.

The Asian financial crisis in 1997 did not spread to the United States, but the financial crisis in the United States in 2008 was transmitted to Asia through the function of the US dollar, the medium of circulation of the international currency.

"Alas, no matter how we deal with it, as long as we don't find a new currency that can replace the dollar as a means of payment for national trade, we will not be able to escape the exploitation of the Americans." Fan Wuxian said to Boss Zhu helplessly.

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