Nonetheless, market participants expect further expansion: ISM

Nonetheless, market participants expect further expansion: ISM

(That is, we entered into contracts to deliver at future dates Thai baht and Malaysian ringgit that we did not currently hold.) Subsequently Prime Minister Mahathir of Malaysia accused me of causing the crisis, a wholly unfounded accusation. We were not sellers of the currency during or several months before the crisis; on the contrary, we were buyers when the currencies began to decline we were purchasing ringgits to realize the profits on our earlier speculation. (Much too soon, as it turned out.

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