December 23, 2006
Thailand and the Markets
Thailand made a class mistake last week. The government decided to "control" the country's financial markets, which were sagging, by restricting foreign investment. The markets tanked immediately and the government reversed the controls. This pattern is often repeated. Government officials suffer from a control fetish over trading markets. Government officials world wide think they can do more than they can to manipulate national markets and are ignorant of negative consequences.
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