China, Japan, South Korea and ASEAN to establish 80 billion dollars crisis fund!

China, Japan, South Korea and ASEAN to establish 80 billion dollars crisis fund!
Oct 25, 2008 03:48
DREAMLIFE Points: Join Date: Sep 5, 2007 Status: offline	It is reported that China, Japan, South Korea and ASEAN nations have agreed to estalish 80 billion dollars crisis fund to secure Asian economic stability. It is very likely to realise this plan in near future months. According to the source, China, Japan and South Korea will burden 80 percent of the total fund and ASEAN will take the rest 20 percent. With 80 billion dollar crisis fund, China, Japan and South Korea can cooperate to cope with the international financial crisis together. If one member nation was in trouble, the others will help that nation out. Do you think this is a good idea?

Oct 25, 2008 03:48

DREAMLIFE
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Join Date: Sep 5, 2007
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It is reported that China, Japan, South Korea and ASEAN nations have agreed to estalish 80 billion dollars crisis fund to secure Asian economic stability. It is very likely to realise this plan in near future months.

According to the source, China, Japan and South Korea will burden 80 percent of the total fund and ASEAN will take the rest 20 percent. With 80 billion dollar crisis fund, China, Japan and South Korea can cooperate to cope with the international financial crisis together. If one member nation was in trouble, the others will help that nation out.

Do you think this is a good idea?

Oct 26, 2008 14:00	#1
CARLOS Points: Join Date: Sep 10, 2007 Status: Offline	I think any idea that helps countries and the whole world to survive from this chrisis is good. However, I strongly suspect using huge amount of tax payer´s money. That might cause in future increasing taxes and that way affect in economy. All negative affects go to peoples vallet. Carlos

Oct 27, 2008 21:49	#2
DREAMLIFE Points: Join Date: Sep 5, 2007 Status: Offline	However, I strongly suspect using huge amount of tax payer´s money. Except using tax payers' money, are there any better ways? Shall we let the market decide and recover by itself?

Oct 28, 2008 08:31

SETH
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Join Date: Feb 22, 2008
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Hi Dreamlife - there are other ways, but I'm not sure if they are better. The unfairness about the whole thing is that taxpayers who live within their means, save, and spend responsibly will bear the burden of bailing out crooks, thieves, and greedy morons who are entrusted with money and power to affect the world economy. Plus responsible and conservative taxpayer money will pay for all those people with bad debts who live way beyond their means and are in huge debt. Somehow it doesn't seem fair.

Just letting businesses, including banks, either find a way to survive or fail is a harsh choice, but in the end I believe that would weed out the irresponsible and criminally negligent, and leave a stronger world economy. I really don't know if the overall pain would be worse one way or the other.

Oct 28, 2008 14:20

CARLOS
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Join Date: Sep 10, 2007
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Dreamlife,
Early 90´s Finland´s banking system struggled about in the same situation as US or even Island now.
Our vallets were digged from the bottom. In a way, I and many others still pay for it.
That enormous support to banks did cost me about 50% of my fortune counting my incomes to it.
Money doesn´t vanish, it just changes place. To some other´s pocket.

So today I wouldn´t mind if markets would recover themselves and perhaps a little more of those crooks would have a taste of their own home cooked soup.

Carlos

Oct 28, 2008 20:23

DREAMLIFE
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Join Date: Sep 5, 2007
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Seth and Carlos, I see what you said. But I am just worried about how much US affect the world economies if its economy collapses. Maybe, you are right. The world markets and economies will recover by themselves one day. However, how much time will it take? One year, two years or ten years? I don't know. The world economies might be dragged to collapse too if US allows to let the market recover by itself.

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