December 28, 1997

Its amazing that a market the size of Hong Kongs can cause a panic that spreads throughout the world financial markets. But events there last week were a primary cause for whats happening here this week. Our take is that Hong Kong is the tip of the sword, so to speak, for the line of defense protecting world monetary policy coordination - particularly the global price rule. That rule has been under siege ever since the Asian tigers unhinged their currencies from the dollar. Now the question is, will Hong Kong prevail.

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