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1、香港金融危机(Hongkongfinancialcrisis)Duringthe1997-98yearsoffinancialcrisis,Mahathironcesaid,〃wehaveworkedhardforthirtyorfortyyears,whilesomepeoplehavetakenbillionsofdollarstoshakeoff,andtheywillbeabletosetasidethewealthwehaveaccumulatedoverthepasthalfcentury.〃・Intheeyeso
2、fsomepoliticians,EastAsiahasbeentransformedintoastreettellermachinebySorosandothers・TakingHongkongasanexample,thispaperusesasimplifiedversionofhowquantumfundsandpartnets(thefollowingQuantumFund/Sorosreferstointernatiormlhedgefundsandspeculators)havemadetheEastAsianm
3、arketacashmachine・First,givemeavaccination.It'sbasicallyimpossibletosayanythingsocomplicated.backgroundHongkongbeganimplementingthelinkedexchangeratesystem(PEG)inOctober1983,takingintoaccountthatHongkong'seconomydependsonimportandexporttradeandthepoliticalfuture,and
4、thatthecurrencyisfixedonthedollarmoreeffectivelythanthedisadvantages.WhatisPEG?ThecentralbankmaintainstheexchangerateoftheHongKongdollarintotheUSdollarthroughthemarket・TheHongkongmonetaryauthorityisresponsibleforregulationandexchangerates,whiletheFed'sresponsibility
5、istomonitorandinterestrates,onewordlessthantenthousand.Thereisnosuchthingasafreelunch.Thesystembenefitsimportsandexports,butgivesupthemostimportantpowerofthecentralbank:interestrateadjustments・Iftheinfluxofforeignexchangeorflee,centralbankmustintervenetokeeptheexcha
6、ngerateunchanged,toincreaseordecreasethelocalmoneysupplyrapidly,soastochangetheinterestrate,PEGistheinterestrateastheregulationsystemofthehostages・AnotherproblemwithPEGisthatthegovernment，smaintainedexchangeratemaywe11beoffthefundamentalsoftheeconomybecausetheexchan
7、gerateisnotmarketdetermined・CountriesinEastAsia,includingThailand,MalaysiaandIndonesia,aremostlyusingthesystemtopromoteanexport-orientedeconomy.Fromtheinstitutionalpointofview,thewholeEastAsiahasnostrongereconomythantheeconomicfundamentalsofHongkongandtheruleoflaw.H
8、owever,95~97years,twoyears,theHongkongpropertymarketappreciationof80%,theHangSengIndexdoubled1.4times,reachingitspeakinAugust7,1997,16673p
