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Repartee to the Wise Goose Chase
The Hunter is Down!
We worry for you

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The story of the Wise Goose Chase is conceptual but indeed alluring to Asia in Crisis. The parallel is traced as follows: The flock of geese (read as Asian nations) can no longer use the same tree (read as economic systems and controls) as the creeper (read as fundamental inherent weakness in systems and controls) is already too big to remove.

This leads to the obvious conclusion that the Asian countries need to migrate to newer trees (minus the creepers) to nest which takes the tool from the hunter (read as international speculators). One solution: A forest reserve or goose sanctuary where geese hunting is protected by law with proper and dedicated forest rangers (read as world regional financial system, regulated by a multilateral authority).

In your story, the geese had a word of advice of a Wise Goose and they managed to escape the hunter. The unfortunate part of the Asian Crisis story is that neither the wise goose nor the forest ranger (read as IMF) acted fast enough to shoo the hunter away. Creepers - whatever the label attached to them, crony capitalism and nepotism included - are by nature creepers, and yes they tend to twine along trees, a very natural phenomenon. I wonder where the international watchdog organisations and the presently very insightful global economists (Paul Krugman and Nouriel Roubini included) were, all this while?

The question as to what advice is to be followed to outsmart the hunter is equally relevant. Now knowing that forever there will be hunters and forever there will be a chance of corrupt forest rangers, the Asian countries should form a Watch-Dog Agency and think tank that will find ways to resolve systemic weaknesses. ASEAN could be such a body to sponsor the Agency. With the geese currently in the net, collective action is needed now to solve Asia's crisis - while IMF continues to deliberate, and the US Government continues to bail-out the hedge funds which exaceberated the situation in the first place. Yes, the Hunter is Down! What's more important is that we contain the Asian Contagion before global recession sets in.

signed:Asia Boleh!

Webmaster's note: This repartee came from an anonymous reader. We welcome your comments and views on the article.

Related Reading:
The Wise Goose Chase
Apec's Kuala Lumpur Declaration. More Info Malaysian Government gored!
Letter to the Prime Minister of Malaysia
For More Transparency of Hedge Funds
Regulate the Hedge Funds
Save the Hedge Funds
Just Fix the Economy
The IMF's Response to the Asian Crisis - IMF Website.

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