The best metaphor for what is now going on in asia emerged in Jakarta during the ouster of Indonesia's President Suharto. It was said of Suharto's going that although the plug that had been blocking a tub full of water had at last been removed, the water still had to drain. Indonesia is not the only country now suffering from that sucking sound. The second market crash of the Asian crisis has already begun, and as it works itself out over the next few months, the turmoil of last fall is likely to be repeated, with serious consequences for emerging markets worldwide (Russia has already been bit very badly) and possibly for Wall Street.
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