When the world started to melt
Asian banks: Now comes the real crisis
Hedge funds: You can run but you can't hide
Country Risk December 1997: It could be worse
Global Economic Projections: Overall Rankings Asia's current economic woes have come as no surprise to Marc Faber. One of Asia's most famous bears, he has been forecasting doom for quite some time. Paul Krugman, an MIT professor of economics, is another who has long argued that the region has overstretched itself. But as Faber points out in a recent edition of his Gloom, Doom & Boom report, "when Krugman published his critical article about Asia's growth prospects, numerous articles by Asian fund managers and strategists countered that Krugman didn't know what he was talking about".
Now is Krugman's moment of vindication. People in the region had begun to argue, he says, that Asia was "not part of the same economic universe as the rest of us. Fundamentally the point is: Asia operates under the same rules."
With hindsight, it is easy to find examples of bank analysts who got it spectacularly wrong over Asia.