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March 2009

Asia: Chiang Mai Initiative expanded




The 10 members of the Association of Southeast Asian Nations (Asean), together with Japan, China and South Korea, agreed in late February to create a $120 billion pool of foreign exchange reserves. The fund is intended to act as a buffer for members by providing short-term financing, as well as helping to ward off speculative attacks on their currencies.

The new arrangement is a widening of the...


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Fannie Mae and Freddie Mac are too big to fail by an order of magnitude, in terms of the contingent liability to the federal government.

Thomas Stanton, a Washington attorney who once worked for Fannie Mae. From the archive: Freddie and Fannie arent sovereign, July 1999

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