Author or Editor: Thomas L. Friedman
Publisher: Anchor Books
Published: 2000
Pages: 236
On the morning of December 8,1997, the government of Thailand announced that it was closing 56 of the country's 58 top finance houses. Almost overnight, these private banks had been bankrupted by the crash of the Thai currency, the baht. The finance houses had borrowed heavily in U.S. dollars and lent those dollars out to Thai businesses for the building of hotels, office blocks, luxury apartments and factories. The finance houses all thought they were safe because the Thai government was committed to keeping the Thai baht at a fixed rate against the dollar. But when the government failed to do so, in the wake of massive global speculation against the baht-triggered by a dawning awareness that the Thai economy was not as strong as previously believed the Thai currency plummeted by 30 percent.
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