Asian Central Banks Cut Rates to Counter Impact of U.S. Crisis

Shamim Adam
Bloomberg
Saturday, Sept 27, 2008

Asia’s central banks have started to cut interest rates, judging they need to counter the effect of the U.S. financial crisis on their export-dependent economies as inflation peaks.

Taiwan cut borrowing costs on Sept. 25, joining China, Australia and New Zealand in easing the price of money this month. Inflation rates have slowed in Thailand and Sri Lanka, and policy makers in the Philippines, India and Indonesia forecast price gains will cool before the end of the year.

Lower borrowing costs may spur growth as the economies of the U.S., Europe and Japan weaken and the deepening credit crisis threatens to tip the world into a recession. Still, some analysts say the inflation fight isn’t over and that loose monetary policy or a surge in oil costs may spark another bout of higher prices.

(Article continues below)

“The bias may be shifting too quickly to growth and that is not wise,” said Jan Lambregts, head of Asia research at Rabobank International in Hong Kong. “It’s too early to declare victory over inflation.”

The credit crisis led Lehman Brothers Holdings Inc. to file for bankruptcy and prompted the sale of Merrill Lynch & Co. to Bank of America Corp. this month. U.S. regulators have seized at least nine lenders since July, including Washington Mutual Inc. yesterday, the fastest pace in 15 years.

While the contagion from the turmoil isn’t likely to infect Asia’s banking systems, the credit crisis is hurting exports.

Fewer orders for made-in-Asia goods are cooling industrial production in China, Singapore and Taiwan among others. Bank of Korea official Kang Myung Hun, who opposed a rate increase last month, said the nation’s slowing economy is more of a concern than accelerating inflation.

Full article here

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2 Responses to “Asian Central Banks Cut Rates to Counter Impact of U.S. Crisis”

Thomas Says:
September 27th, 2008 at 7:39 am
Why continue to export to the US when those goods will only contribute to the further growth of the U.S. debt and most likely will never be paid. It is better to not produce those goods at all, or to export to parts of the world where people do pay real money for them, not just add them to the already substantial debt on their credit card.
hey hoy gotta go Says:
September 28th, 2008 at 5:58 am
The end is near, time to act

This is the big ONE everyone. Wake UP. In the cover of darkness while you sleep on the weekend, the FINAL ACT is implemented. Pelosi was elected to clean up US, get out of Iraq, ? She was part of the plan, to get elected, your entire political system is corrupt. She backs Bush now, WOW, she always did, they just kept it from you. All part of their plan. Paulson made 400M in financials, now runs the US government show to fix his problem? Paulson created this on purpose, now he continues his actions, it is part of the plan.

WHY ARE THERE NOT PUBLIC HEARINGS ?
why the big rush, this can’t be talked about in the light of day for 5 business days ?
this maes me wonder why it has to be rushed through on the weekend
THE BIGGEST BAILOUT/FRAUD AND NO PUBLIC OVERSIGHT ?????
Largest consolidation of financials with no hearings ? This is unheard of in the history of planet earth.

GET IN YOUR CARS NOW, DRIVE TO WASHINGTON NOW, PROTEST NOW
NOT TOMORROW, NOW, DRIVE TO WASHINGTON PROTEST NOW

All citizens within 5 hour drive of WASHINGTON, drive there now. NOW. No delay, flood the streets, you will meet up there in Washington, do not waste time, plan when you get there, it will come together, drive now, fill your cars with concerned citizens.

FLOOD WASHINGTON WITH CONCERNED CITIZENS
GET THIS ON THE MAINSTREAM NEWS MEDIA

TELL THEM TO SLOW DOWN AND GET PUBLIC APPROVAL, THEY WILL NOT SLOW DOWN, THEY ARE PUSHING THIS THROUGH. THE FINAL ACT IN THE DEMISE OF USA

EMAIL YOUR FRIENDS AND FAMILY, TELL THEM TO MARCH ON WASHINGTON, NOW
MEET UP IN WASHINGTON, NOW
DO NOT DELAY
THIS IS URGENT, CAN’T YOU FEEL YOUR CALL TO ACTION
RISE ABOVE, MAE YOUR FOREFATHERS PROUD OF YOU
TAKE BACK YOUR COUNTRY, NOW
NOT TOMORROW
FOR TOMORROW IS TOO LATE

Iraq and afghan wars over oil not alqaeda right. Bin laden and photos of bush in 70’s, they are buds, it is all a sham, right before your eyes!!! 9/11 hijackers trained in US bases, Bay of pigs, 9/11, bldg 7, no investigation, coverups, shadow government, now, Military industrial complex – jfk assn, pearl harbour, start of Vietnam war false flag, tapping all US phone lines, CIA has access to library cards usage of all citizens, fema camps, US military readied for marshal law, most drugged nation, consolidation of US media empire, filtering news. “we thank the US media for allowing us the time to enact our plan, without their help over the last 40 years none of this would have been possible” WHO said that?” they do not hide their actions, they know you sleep while awake.
Remove the scales from your eyes!!!!

THIS is IN the WORLD PAPERS

the G7 world banks have backed off from USA. Their federal banks have decided not to help USA, canada and european papers have published this “USA is on their own from now forward”
Why is US media not reporting this ? Your media filters your news, you are fed a pack of lies. Your country’s news is worse the nazi germany during ww2. you do not now what is going on. all i hear in canada is the high suicide rate of US forces in iraq and afghan. 1,000 killing themselves, do you hear this on your news ? Our news covers this daily. Active US forces escape to Canada for sanctuary, our news reports there are thousands of active US forces hiding in Canada, what are they running from ? They see what is coming and run.

http://www.nationalpost.com/ne.....?id=839366

Ron Paul: You Cannot Place Value Into Assets That Are Worthless
Is this in your local papers ? NO

Canada’s National Paper, same in European papers, NOT in US Media, WHY ?

CANADA’S NATIONAL PAPER
U.S. ‘will lose status’ on world stage

The world is witnessing nothing less than the decline of an empire as the United States loses its position as the globe’s pre-eminent financial “superpower,” according to finance minister from the Group of Seven most-industrialized countries.
In a blistering attack on Washington yesterday, the German Finance Minister branded the U. S. government “irresponsible,” and blamed it for worsening the crisis that has engulfed the international banking system by thwarting efforts of G7 countries to enact tighter regulation.
“The world will never be the same again,” Germany’s Peer Steinbruck said.
“The U. S. will lose its status as the superpower of the world financial system,” the Finance Minister said.
The extraordinary attack on the U. S. financial model was a stinging rejection of a personal appeal from Hank Paulson for his fellow G7 ministers to stand behind him as U. S. Treasury Secretary during a historic turning point. The response of ministers from Canada and other G7 ministries “has been very disappointing to Mr. Paulson, who was hoping for something more robust,” said Gary Hufbauer, a former U. S. Treasury official.
Jim Flaherty, the Canadian Finance Minister, was offered the opportunity during an editorial board meeting with the National Post this week to differentiate himself from other G7 ministers who have been critical or offered only tepid support to the U. S. Treasury Secretary. But Mr. Flaherty, who is in the midst of a general election, declined, pointing to a joint statement by ministers.
“All of the G7 finance ministers have agreed to support individually and collectively in their own countries these steps being taken by the U. S. and to take necessary similar actions in their own jurisdictions if necessary. It is not necessary in Canada,” he said.
While there was general disappointment in Washington with the response of foreign governments, the former Treasury official said European leaders appeared to be the most hostile. The German Minister said that at key moments in the crisis, Washington had defended ” laissez-faire capitalism; the notion that markets should be as free as possible from regulation. These arguments were wrong and dangerous.”
“This largely under-regulated system is collapsing today,” said Mr. Steinbruck, predicting the emergence of regional financial centres in Asia and Europe.
Mr. Hufbauer said the rift between G7 ministries would likely have ramifications for international economic relations for years to come.

2012, for sale, one slightly used country, bring your own constitution, bids starting at 2 pounds of wheat. do i hear 2.5 pounds of wheat, for one slightly used country ?
sold, for 2 pounds of wheat, one slightly used country.
jay Says:
Before the internet was widespread and accessible the government was really our only source of information. You will say “Well you pick these idiots to run your country!” this is not true. We are only presented with a handful of idiots to choose from. Wings of the same bird if you will. And then the mainstream media pretty much tells the public which to chose. My only problem with the American people is their lack of civil unrest and limitted protest. I do believe this is due to fear. Oct 1 the US Army ( which I served in) will be patrolling the streets of America. This is illegal and terrifying. The only two things in the world I fear are burnt toast and the U.S. Army infantry.
6 daniel murial Says:
I think Americans are largely to blame for their ignorance and complicity with the Bush Administration. They’re fat, spoiled, ignorant, in debt and could care less the suffering their government heaps on innocent people around the world. They wanted a kick a war after 9/11 and didn’t care who actually did it to them, they wanted immediate revenge. America is a sick wasted cult personality culture. It’s best days are long gone.
They’re out of touch with reality going to their expensive baseball games, watching endless tv shows and could care less the hell on earth their government perpetuates with its evil policies. Therefore I disagree with this site that Americans aren’t responsible for their corrupt government. They most certainly are! They must take responsibility and stop blaming the govt for their problems. There can be no revolution if people don’t rise up and defeat the evil in their government they ARE responsible for allowing.
Americans deserve everything they get for allowing their government to be overrun by extremely evil criminal elements, wanting a false war for revenge, and for enjoying the good life on the backs of the rest the third world. Ripe for a fall from bad karma I’d say.
jos boersema Says:
#1 I have a constitution ( http://www.jhwh.be/law ), and am looking for countries to field it in ! Can I have the USA ? I don’t even need to live there, don’t even want to govern it, only like to field my constitution there, that`s all. Please let me know. I am more then willing to bid 2.5 pounds of wheat, actually I am bidding 10 kilos of wheat and 5 large jars of peanut butter, including shipment costs to anywhere in the USA. Where do I send the payment ?
I am not joking, I actually want the USA. Give it to me, I will give it back to you.
hey hoy gotta go Says:
September 27th, 2008 at 8:15 am
you only get what you deserve. you will get what you deserve. soon.
you, the people, have allowed your country to be run by ‘the military industrial complex’, ‘run by a shadow goverment’ jfk
it is shameful to say, ‘they did this to us, our politicans’
the blame lies with ‘we the people’
your right to bear arms is to protect against an ‘unjust’ government.
you have had an unjust goverment for 100 years, since the fed was enacted in 1913
have you the people done anything ?
no
will you do anything, ?
no
will innocent people suffer ?
yes
hard working people ?
the only work left in usa is opening and distributing shipping containers sent from china, to sell goods in walmart. you buy these chinese goods on credit held by china.
you the people abort your chldren
you the people take prayer from school
you the people are a material consumer society
do not tell me americans ARE hardworking, your forefathers WERE hardworking.
you, american people of today, are lazy, shameful
you allowed this to happen on your watch.
no sympathy from planet earth.
THIS IA AMERICA TODAY, MODERN DAY BABYLON
Proverbs 6:16–19, These six things doth the Lord hate: yea, seven are an abomination unto him:”
A proud look, AMERCIANS
a lying tongue, AMERICANS
and hands that shed innocent blood, AMERICAN ABORTION OF 2 MILLION BABIES A YEAR, INCLUDING LIVE BIRTH ABORTIONS. A BABY IS BORN, WHEN THE HEAD IS BIRTHED A NEEDLE IS PLACE IN THE SKULL AND POISON IS INJECTED. WE ARE NOT TALKING 3 MONTH OLD FETUSES HERE, THESE ARE BABIES THAT HAVE TAKEN THEIR FIRST BREATH OF LIFE!!! MURDERED IN AMERICA, THIS IS NOT ABORTION, IT IS STATE FUNDED, CITIZEN ENDORSED MURDER.
A heart that deviseth wicked imaginations, AMERICANS SCHOOL SYSTEM
feet that be swift in running to mischief, AMERCIAN WAR ATROCITIES
A false witness that speaketh lies, AMERCIAN MEGA CHURCHES
and he that soweth discord among brethren. AMERICAN PEOPLE
i have crossed amercia off my christmas mailing list for 2008.
every cloud has a silver lining, at least i will save some money in postage =)
the titanic sank as the band played on.
planet earth sings glorious songs of joy as america is turned to dust
“on earth as it is in heaven, THY will be done “
Lorenzo Thomas Says:
They want a fascist planet with the superwealthy ruling it all
Since we’re too independent, America must be led to fall
When our credit’s been exhausted to subdue the Middle East,
They’ll install our debtor nation in the body of The Beast
Traitor…Dare call it treason
http://www.youtube.com/watch?v=uw5dP5gy2Vs
jos boersema Says:
@11 jay
Working 70 hours a day might be something that Americans are proud of, but in Holland it would be seen as a sign of weakness. Because it shows a lack of bravery to fight for your rights and fair working conditions. Of course the bankers and lying politicians want nothing better then slaves that work as long as possible, since that means greater profits. Don’t be a slave ! America thinks it is ahead, but actually we in Europe believe that America is way behind in terms of worker rights: little to no protection from firing by company bosses, no minimum wage to speak of right ? not been able to secure decent working hours maximum, and so on, very dramatic health insurance situation, hardly any or no worker power, poor worker organization, a politics that is way over to the what we call “right” (which in Holland means the people who favor wealth disparity, exploitation and so on). From our perspective the USA has been leading the way down in the west, and it has been the shining example for our own lying politicians and bankers for many decades.
On the other hand it is possible that we got more decent conditions here because the elites were afraid we would go to the sovjet union side, a danger greater here then in the USA (danger to them I mean). In that context our rights are not from our own making. But I think that does not cover it, take a look at revolutionary history in Europe. We are incomparably more rebellious to our exploitive elites then the USA public has been over the last centuries IMHO. It sometimes seems as if the USA still think we got monarchy and christion opression here, because that`s what we had when the first Americans left toward the west.
But regardless of the causes for a difference USA/W.Europe: poor working conditions are something to fight against, which is the point. No matter what the reasons for the differences, you should all start today by demanding a mandatory 40 or even 36 hour working week, and a decent minimum hourly wage. Compared with 200 years ago we are swimming in labor saving machines. But the proceeds won`t reach you until you start striking for them in large majority. Get people elected who support the right to strike and so on. Unless you fight for the profit from your own hand, the robber bankers won’t give it to you. Actually is some of them did that would put them out of business quickly (which is the reason you should even nationalize investment banking.)
We are on a downward slide here as our rights are concerned by the way. Europe also has to fight for its labor rights again, increase that pressure. Our leaders are always trying to copy the American mode of exploitation, and they are making progress with that.
Americans are often told they are the best place in the world, but you are usually comparing yourselves only with the worst in the world like vicious dictatorships, and not with the better places that exist. It is a trick by the politicians to make Americans believe they are doing great relatively, and concequently have no business asking for more. Why does your dad work 70 hours, while rich kids don’t work at all, while the people who are in banking get the profit of such businesses without working ? America needs to get some sense of balance: doing nothing is bad, but doing nothing but working (like 70 hours) is also bad. If you don’t fight for a better life, who will do it for you: chances are it will get progressively worse until you do rise up and demand your fair wage (which by the way is a law in the Torah, you are actually breaking Torah law by working too much and getting too little).
Start striking and repel strike breakers with whatever it takes. Striking has a great history of working, but it must be embedded in a wider understanding that there must be a decent life in society for everyone. If you don`t have that the government/bankers will be able to break strikes with army and police and defeat you.
hey hoy gotta go Says:
@ Jay,
you are a ‘wage slave’
you answer to your master,
you do your master’s work
your master tells you to work 70 hours, you do
wage slave you all are
as Jos states, you extensive hours are a sign of weakness, not strength.
I work 30 hours a week which is considered full time hours at my job
I do not work overtime, it is not required
I own a house, summer home, car, truck, boat, support family of 6 people.
I have full health care, dental, pension, can retire at age 53 at 70 percent salary, indexed to inflation for life. benefits continue in retirement.
you are a wage slave at 70 hours a week, where is time for your family ?
i work 4 days a week, 16 a month
i get 14 days off a month
who is the stupid one here Jay ?
You or me?
Like Jos states, you did not fight for your rights, you get what you deserve, lazy americans
your forces have bases in 150 countries, killing civilians, you torture, rape, abort, in the name of your country
you are not the world’s police force
you live under a dictatorship and do not realize it
you have given up your freedoms
facts -
even your library card sends usage info to the CIA
your phonelines are all tapped into
your country and forces are the most heavily anti-psychotic medicated people ever
you take drugs to wake up, to sleep, to kill in the name of america
is that freedom ?
you are all mindless sheep
well slaughter time is here
your meat is not fit for human consumption
planet earth will let you rot
not one tear will be shed
your flesh will fertilize that land
then life will spring forth again
peaceful intelligent life
not american whores
Greenspan is a SOB Says:
jay Says: “even in our worst state..we are still better off than the rest of the world:)”
Such a remark can only come from an ignoramus who hasn’t the faintest idea about the rest of the world.
You are living in a cage, yet say that you’re free.
You are pretending to live in the greatest economy and richest country, yet you you are broke.
You pretend to be living in the greatest democracy, but your vote doesn’t count.
You pretend to care for the world, but bring only wars, deceit and division.
I could go on and on. The American nonsense about its ‘exceptionalism’ is the same self-serving bullshit as the Germans calling themselves ubermensch.
jos boersema Says:
As long as they`re not dead there is hope for them. In Europe we also had to fight against the believe that dictatorship is actually a good thing. Go back in time further, according to the Torah people were sacrificing their children for real for their slave masters (we know from middle american culture that such insanities can exist), and it was almost impossible to make them stop with that. Given that, humankind has had to come from a long long way down in hell, on that scale the Americans are not at rock bottom by a long shot.
70 hours a week is punishment already. We should be positive to them because otherwise we aren`t helping much with the cause. At 70 hours a week you don`t have a lot of energy left to think and so on. Better be angry with the lying politicians and robber barrons then the slaves, the slaves usually actually want the right thing, even if they don`t really know how to get it or that they should fight for it.
White Dude Says:
As an American, I’m not afraid to admit that the ‘bashers’ in this thread are raising valid points. I do not feel offended about what they are saying in any way, shape, or form.
They are absolutely right! Not all, but most of the fuckin’ people in this country give more of a shit about the godamn NFL and NBA than any other set of initials that is stealing this country away from us.
I can’t tell you how many times I’m told to shut up or reminded of my negativity when I try to point out how the people here have been getting fucked…and continue to get fucked. If I back them against the wall with valid points, there is usually a remark that implies I go out and do something about it myself. Yet these fucking idiots will sit in a bar and scream at a TV that the ref is fucking their team….a concept that I find difficult to understand.
What the hell is it with the people in this country? You will fight me tooth and nail when I bash our predatory system. You say I’m paranoid, nuts, think too much about something that I can’t do anything about. Then tell me, what the fuck do you hope to accomplish as you bark out obscenities to a referee on a TV? What the fuck has been accomplished when your stupid team wins? What is that shit all about?
If you put 1/10th of the effort you put into your godamn sports teams, into something more meaningful to your own existence, you might actually be able to go see a game in person so the stupid fuckin’ ref can at least HEAR you.
Living here is like living in a fuckin’ insane asylum. Sorry people of this forum. These so-called bashers are right on the money about us. Somebody’s got to rattle our cage.
# 19 is 1000 % correct…..the amerikan sheeple are in a drunken stupor heading over the cliff and into oblivion…
hey hoy gotta go Says:
FINALLY, white due understands the intent of my posts.
my comments are meant to open your eyes,
get you angry
see your country for what it is
where you country has been led by those in power
the nwo, shadow government, military industrial complex, jfk assn, bay of pigs, pearl harbour, 9/11, iran/contra, iraq war, afghan war, no war withe russia over georgia
the list of false flag ops by american forces are endles
get off the couch
focus your anger on change
rise to action
Andy Says:
For those of us who have taken the blue pill, and unplugged from the Matrix the phrase, “don’t shoot the messenger” has become a very real thing.
The “race” watching, Republican voting, fat ass, nigger hating, goddamned ignoramus’s that inhabit my neck of the woods, that are only slightly more annoying than the tree hugging, granola eating, gun grabbing, hands off my body, baby killing, hairy armpit lesbians that do too, DO NOT want to hear the truth!!!!!!!! They don’t want it.
They want bread and circuses, and until they shut goddamn game down, they want do shit.
But when the day comes that the game can’t be played, and it may be sooner than you think, there will be riots in the street. That loser at the bar that screams about the ref will go friggin Columbine. And when that happens, it is us who need to watch out.
He want go after the Man, the Saxe Coburg Gotha’s, the banker, whoever…. nononononono
It’ll be UUUUUUUU
The messenger.
That’s how that works.
I’ve given out a lot of blue pills over the years, but I am now
done. Not that I have given up, but this is it. This ain’t Y2K, this ain’t Waco, this ain’t even 911, this is the SHOW, this is for keeps, and I’m done.
Bansidh Says:
#19 I get much the same reaction from people. The reason people get angry when one tries to tell them what is going on is fear. If we can’t admit what we are doing wrong, we will never be able to fix it. There is a lot to fix here, but look at what they are doing in some South American countries. Bolivia, Venezuela for a couple are trying to clean up an appalling mess, caused mainly by us and are doing fairly well so far. We can do it too, but first we need to know what is really going on here.
White Dude Says:
There is a BIG problem in this country. Besides the stupid sports, most of the SHIT that comes out of peoples mouths is either meaningless or some garbled barbed comments intended to hurt one of their fellow inmates. We don’t talk about a damn thing. It’s cute and chic to insult each other. We look UP to Howard Stern and DOWN to Alex Jones. We HAVE been dumbed down. We HAVE fallen for a scheme that was designed to pit us against each other. We HAVE learned by the example of our corrupt leadership and have gotten as greedy as they are. They have played us for the fools that we are today.
Why don’t we channel some of that energy we use to fight over a parking spot, or when we risk our life and limb to not let someone cut in front of us, or when we piss and moan about cigarette smoke, towards the perps that set this civil war into motion. Yes folks, we are in a civil war. We aren’t assembling in battle fields and marching towards each other. But we are infighting and playing right into the hands of the social engineers. This “my city is better than your city” shit has got to stop.
I’m not claiming to be better than anyone else. I have been only half awake myself since the 70’s. But after 911, something happened. It was just too godamn blatently obvious what the hell was going on. I try to do my part and enlighten people. I just wish it was as obvious to the freakin’ walking dead in this God forsaken place.
I re-iterate that these guys in here (wherever they are from), are absolutely right about how they perceive the people of this country. What the hell is it going to take? There is a gov’t at this very moment ‘debating’ how they are going to drive the final nail into the coffin of the US and it’s founding principles. And we’re still trying to figure out ways to rip each other a new asshole.
Yes, the sense of family, country, mutual respect, and self worth has been stripped from our system….and we didn’t ask for that to happen. But for God’s sake people, if someone is pointing out that we need to hanker down and turn that around, then fucking listen. Because I don’t know what you think, but I’m sick of being dragged down to the level of the fucking assholes running this show. We ARE better than that.
the hun Says:
The American people have become “sheeple” plain and simple. They keep looking to their political system and it’s leaders to solve America’s massive problems. America, you really have lost it! The Vietnam generation was the last one that actually had the guts to believe that a revolution was the only possible solution to change things in the U.S. Today’s generation is pathetic and utterly clueless and hopeless! It’s all over anyway. It’s too late. the U.S. is headed on the fast track to becoming a Fascist Nation.
jos boersema Says:
Jay, thanks, that`s real sweet. I also agree with hey-got-to-go and his anger with the Americans (mostly the govnmt I guess), I was just a little concerned that we could end up divided ourselves. I also think that if there is a choice between letting the USA go on or have it cut down by a dictatorship, then the latter is the better option. The third way is still the best: outright peoples revolution, get the vast majority of the army and police on the side of truth & justice, and then rebuild the USA (as at least 8 new countries).