A Snappy Zinger from Fareed
0 Comments Published by jcwinnie on Wednesday, February 04, 2009 at 10:16 AM.
The last plenary session at the WEF last night featured the heads of state of the UK, South Korea, South Africa and Mexico. Fareed Zakaria moderated and gave the panel a zinger of a question.
He asked South Korean Prime Minister Han the following:
Back in 1998, during the Asian crisis, the IMF and other western powers forced a set of prescriptions on Korea which were bitter indeed:
1. Do not rescue failing institutions
2. Do not lower interest rates to near zero
3. Do not spend significant sums to stimulate the economy.
Now that the West is hit with this crisis they are implementing the inverse policies - why?
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