The setback in Asia

So far, the best way to be wrong about Asia has been to expect a quick end to the region's financial crisis. Conditions keep getting worse. No one wants to sound alarmist. No one wants to add worldwide panic to Asia's list of troubles. But no one should pretend that the situation is other than serious. The crisis began with collapses last year in the currencies of Thailand, Malaysia, the Philippines, Indonesia, and South Korea. Now asset values are under pressure not only in those

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