As the latest batch of Asian governments have just demonstrated, hedge funds make convenient scapegoats. Perhaps Malaysia and Indonesia would have been better advised to restrict their reactions to rhetoric. Their attempts to artificially regulate their way out of a crisis did little, other than immeasurably improve the situation from the funds’ perspective.
Since shooting to public prominence at the time of sterling’s ignominious exit from the EU’s exchange rate mechanism in September 1992, hedge funds are now trotted out at least once a year by some government or another as a convenient excuse for their own fiscal shortcomings.
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