Word: crisises
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Less than 10 months ago, the great fear in Asia was that the region would suffer through the wealth destruction already taking place in the U.S. as a result of the financial crisis. Stock markets tumbled as exports plunged and economic growth deteriorated. Lofty property prices in China and elsewhere...
It feels a bit curmudgeonly to suggest these happy Asian trends should be greeted with skepticism. Higher asset prices mean households feel wealthier and better able to spend, which could further fuel the region's nascent rebound. But just as easily, Asia could soon find itself saddled with overheated markets...
The incipient bubble is being created by government policy. In response to the global credit crunch of 2008, policymakers in Asia slashed interest rates and flooded financial sectors with cash in frantic attempts to keep loans flowing and economies growing. These steps were logical for central bankers striving to reverse...
See pictures of the global financial crisis.
Despite the morning's drama, life was back to normal at the famed café by early afternoon. Marcello Scofano, the assistant manager, who has worked there for 26 years, said the current owner appeared to be an upstanding businessman. "This has already been a bad year," Scofano said, citing...