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14.
As for George Soros himself, his exceptional talent for prediction, which won him billions on bets against major and lesser world currencies, also turned him, to a prophet of doom. Some may accuse him of 'crocodile tears', but he is nevertheless very much heeded, when it comes to the intricacies of forex market strategy. After his letter to the Financial Times on the innate weakness of the Russian banking system led to the rapid plunge of the rouble, he, in his appeal to the USA Congress, prophesied nothing less, than 'the collapse of the world financial system'.
He told Congress that the global capitalist system, which has been responsible for our prosperity, is 'coming apart at all seams'. The picture Soros painted is of panic in world financial markets spreading from Asia through Russia to Latin America. Tills is costing banks and other financial institutions so much money that they will stop lending altogether, even in the West. There could be a general 'credit crunch' and global recession.14
Gerald Holtham of the London Daily Express further biii'.^-. as an illustration of the speculatively distorted market values the fact that 'the Emperor's palace in Tokyo was valued at more than the entire state of California'. It is the same analysis of the world situation that led the Observer and other major papers of the world to believe that 'now at stake is nothing less than the viability of the world financial and world order put in place over the last 20 years.' President Clinton, in his assessment of the possible damage to the world economy, went even further in saying that the situation, in which financial markets found themselves was 'the biggest challenge to the world economy in 50 years'.15
Anatole Kaletsky of The Times, among other economists, whilst being politely sceptical about the most desperate doomsday scenario, still conceded that
It may be true that the seeds of the present financial crisis v.'er'-' sown in the speculative mania that swept over Asia and other emerging markets from 1992 to 1997. It may be that, of we are looking for fundamental causes of the economic desolation, we should tocus not on tlie recent devaluations and speculative currency outflows, hut on the speculative inflows, currency over-valuations, excessive invest ments and corrupt lending of the previous years.16
It is not coincidence that this book focuses on the events and political figures of approximately the same period, although its political and geographical settings are far from widely known. But the major issues remain the same, whether we speak of a captain proudly looking forward from the desk of his Titanic of economic success, or a pilot managing to