What is now known as the Asian Financial Crisis began in July 1997 in Thailand where the baht fell victim to massive speculative attacks. Before the currency was finally devaluated to lose over half of its value, the country’s economic growth came to a grinding halt amid disastrous layoffs in previously booming sectors as finance […]
As evidence mounts that the South Korean warship sunk last March was indeed brought down by a North Korean torpedo, tensions in Korea are rising. South Korean President Lee Myung-bak has pronounced economic sanctions on the North which has reportedly begun to ready troops. The intentional sinking of a foreign naval vessel is certainly cause […]
With American secretary of state Hillary Clinton underway to the East Asia, a crisis is looming in the waters of the Yellow Sea where a South Korean corvette sunk last March, killing 46. South Koreans authorities have ascertained that a North Korean torpedo was responsible for the sinking. The North has denied any involvement, threatening […]
