When the Asian financial crisis hit, it was something the world hadn‘t seen since the 1930s. For the first time since World War II, the global economy faced the very real threat of a complete collapse. Disturbingly, the sudden crisis came as a complete surprise.
In the late 1990s, the world economy seemed to be on a steady path of growth. This trajectory was driven primarily by the emerging economies of Southeast Asia, the global region with the strongest economic growth. Then, within a very short time, millions of people suddenly lost their livelihoods. Hunger, mass unemployment and uprisings returned to these previously prosperous countries. What was particularly disturbing to crisis managers at the time was that they had not anticipated the crisis, and were not prepared for it. Their hasty attempts to correct the problem did not bear fruit for a long time – in fact, in the short-term, these measures worsened the situation. How could this happen?
Ten years later, in 2008 and 2009, the global economy was once again on the brink of a complete collapse. What became known as the Global Financial Crisis demonstrated how much our world depends on the financial market. In this documentary, world-renowned experts question whether the toxic threat of collapse might perhaps be an inherent part of our economic system. To date, there is no satisfactory answer to this question. One conclusion that can be drawn: we are still living on an economic powder keg, today.
#documentary #dwdocumentary #globalization #economy #economiccrisis
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This just proves the racism of the IMF
The silver lining with this crisis is that Asian countries learned a lot. All the affected countries has fixed their banking system, built up on their foreign reserves, interconnected and diversified our economies.
BANKS. you know what they are. Sometimes they fling money somewhere hoping that it sticks, and make money. Most of the time it's your money, and they will blame you for investing in the thing they told you about.
Secret- We are a bad place, let me see your shocked face… This was no accident we do what we always do take care of ourselves.
I Like to watch DW story's,this channel is doing v.well ❤
Korean big companies Daewoo, Hanbo, Kia and went bankruptcy at that time and Hyundai almost went bankruptcy. Banks as well. So owners of many banks were changed. Standard Chartered acquired Cheil, Citi bank acquired Hanmi bank at crazy cheap price
It's not, so much, that you're poor, as much as you're getting robbed
Such an interesting, educational documentary. Thank you for all the effort put into it!
Are all your videos just antisemitic dog whistles?
2024 next asian crisis part redux
Best currency derivatives stratergy to fund country with role of full stack developers will exist with world bank and IMF?
Because it funds India as well as America who suffers repaying fund received got from world bank
Day capital of world bank which global department decides to pay employees and minimum fund it can allot for countries government or global business people with fixed capital.
Global business people social service help korea and Ukraine people suffering due to war.
Country has stratergy bond to its constitution. But business people only advertisements and profits.
Apart from departments like WHO, world bank, etc
Business people to get popular buying property not work. But promotion of products help social service department get status of the country as their government stratergy gives profit or problems to business people under Persian rule
I typically like DW docs, but wow this was awful. The one impressive guy was Joseph Stiglitz. It actually sounded like a parody to me in many parts
Greed the downfall of human .
Crazy that speculators literally chewed up and spit out an entire developing nations gdp just for a quick buck
All you need to know about neoliberalism was where it was trialed first, which wasn't the United States in the late 70s, it was Pinochet's Chile…. yeah…. the destruction of middle class aka labors wealth is by design
They are Asians, we westerners will handle it better. The same statement was used when Boeing 737 max crashed in Indonesia. The same statements keep coming
It is always funny to see what greed did. The reason nb helped asia was that a lof of people made billions by profiting from their suffering
South korea was just that
Unregulated markets and unrestrained trading thrive on chaos for short-term gains. By comparison, these same conditions wreak havoc on long-term cautious investors.
…After blatantly trying to absolutely gouge Asia, people still trust George Soros and his bullshit 'green new deal' ESG rating loan schemes.
Congrats china for achieving 20 mil empty apartments. This is truly shock and awe no other westerners can duplicate
? They understood the asian crisis. They just bet they were too big to fail
Money is just a system to divide up all the goods and services we make. So it makes no sense just to make everyone rich….that doesnt work.
15:25 mask off
If Asia's economic crisis triggers a market crash or a financial crisis, it could send shockwaves through the stock markets worldwide. I’m worried about my investment of over $400K stocks. Is this a time to consider diversifying my portfolios?
I just came back from compulsory military service with a lot of hope and plan but it did go well as planned due to IMF. Luckily at that time I was still a university student but many father lost their hope and some of them committed suicided…
It's ironic that such a documentary comes at such a time. Are you ready for the big crash after couple months later?
Many productions are destroyed by annoying background music / noise…
I have travelled extensively throughout Thailand, I have thei friends who have nothing the poverty rate is higher than this lady claims
the euro-mind
9:14 what is that holy s***?
Its all a story, like the bible, harry potter and human rights. So only the authors decide what the story will be. We only get to read it. Dont try to find any logic in it, even tho its a sector with numbers and numbers mean you need math. Its still a fictional story where they try to make some sence for the common people to understand why they are always poor…
thanks
We need a New World Order 🌎🌎🌍🌎🌎🌍🌍🌎🌎🌍🌎🌎🌍🌍🌎🌎🌍
The West must survive…🎉🎉🎉🎉
The central logic here is spurious. Deregulation of financial markets does not “cause” financial crises and economic instability, it amplifies it. Speculation and financialization are forms of commodification that result from widespread use of markets and the price mechanism. Neoliberal policy does not ‘cause’ financial crisis, it merely accelerates and reveals it.
Economic investigator Frank G Melbourne Australia is following this very informative content cheers Frank 😊
15:25 I cannot and do not look at the social consequences of what I do. -George Soros
that’s all you need to know about how these individuals think
What an absolutely wonderful documentary!
As a young 29 year old in 96
buying my first home, I was happy that rates had dropped….but didn't know why. Flight to safety in US treasuries lowered our rates during the Asian crisis. I guess we got pay back in 2008
too bad the IA used to "enhance" the old footage actually turned it into such ugly images…
I am very disappointed by the use of artificial upscaling here. The image quality, in my opinion, looks worse when upscaled. The image looks way too smoothed.