That was then. This is now.Big chart, lots of detail, from Nomura:More in the usual place, including some important points not in that chart. For example, the simple reality that we have better data these days: “in 1996-97 FX reserves were released with long lags, while many countries lacked comprehensive external debt data which, along with credit rating downgrades, probably contributed to many investors assuming the worst.”Nomura are not the first out with Asian Financial Crisis notes, of course. There was Albert Edwards of SocGen on Thursday attempting to look forward through a perennial gloom:On the 20th anniversary of the start of the Asian crisis it is certainly clear to me that the mess we are now in is a linear progression of the monetary madness that followed the 1997 Asian bust.
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That was then. This is now.
Big chart, lots of detail, from Nomura: