Krisis lagi? Jangaan dong. Nggak kebayang deh kalau krisis lagi seperti 10 tahun lalu. Bunga bank tiba-tiba melonjak sampai 50%. Lha kalau segitu, terus cicilan KPR ku piyeee…..
Greenspan Doesn’t See a Repeat of 1997 Asian Crisis (Update1)
By Michael Dwyer
May 11 (Bloomberg) — Former Federal Reserve chairman Alan Greenspan said the chance of a repeat of the 1997 Asian financial crisis is virtually non-existent given the growth in the region’s foreign exchange reserves.
“I don’t see that occurring in the same manner,” he said, referring to the crisis that depleted the region’s foreign exchange holdings ten years ago. Greenspan was speaking via satellite from Washington to delegates at a Merrill Lynch & Co. conference in Singapore today.
Finance ministers from 13 Asian nations agreed on May 5 to pool part of their $2.7 trillion of foreign-exchange reserves to prevent a repeat of the crisis.
Greenspan said an “asset-related” crisis was more likely in Asia. China’s CSI 300 stock index has gained 80 percent so far this year.
Greenspan said the yen carry trade was partly a cultural phenomenon caused by patriotic Japanese investing in the nation’s bonds even though yields are low.
Foreign investors then borrow yen and invest in higher yielding assets elsewhere, the so-called carry trade that has pushed the value of the currency to a 21-year low against its trading partners.
The yield on Japan’s 10-year government bond is 1.665 percent, compared with 4.64 percent on the equivalent note in the U.S. and 5.89 percent in Australia.
Greenspan retired from the Fed in January 2006 after 18 years as chairman.