[Wall Street Journal] Radio Silence from the IMF
[Wall Street Journal] Radio Silence from the IMF With a growing Asian crisis, businesses and governments worldwide are looking to the IMF for any sign of action. As of right now, they’ve got nothing. Over the past 3 months, economists have turned their attention to a rapidly developing crisis in the East. With the free-falling Thai baht spurring insolvency, deterioration of trade relations and inflation in Asia, the crisis does not appear to be contained within the Thai economy. Industrial impacts in South Korea, Japan, and Indonesia are showing, and governments and businesses around the world have started to worry. Here in Washington, developments seem to be stalled. Despite the submission of a Letter of Intent and Memorandum of Understanding by Thailand, the executive board of the IMF is yet to let on any sign of action or progress, with a significant lack of debate on executive action. With the crisis showing no signs of st...