U.S. shows concern over Asia crisis

U.S. shows concern over Asia crisis

Summers will convey a tough message. He is a personal believer in the remedy of the IMF. He has made believers out of others in the Clinton administration that the IMF prescription must be followed -- and with no painkillers. But while it may seem there is little to discuss with Summers, the opposite is true.

The U.S. has been extremely slow to realize the problems of our region. It has vastly underestimated the depth of the U.S. problems as well.

The point is that the U.S. has achieved what it fought for so hard: a global economy. With most of the world trading together, nations and their citizens are able to share the benefits.

The U.S. has given the impression it cares little about our problems. Last August, Washington refused to participate directly in the IMF's loan to Thailand. In late November, at the annual APEC meeting, President Clinton said our economic difficulties were "a few little glitches in the road here; we're working through them".

Summers, as recently as last month, insisted to Congress that nothing has happened which threatens the U.S. economy. Last week, he urged Thailand and other countries to follow the IMF instructions. He also recommend that we pursue policies that create confidence. Good advice, this last part, advice that President Clinton may finally be following.

If the U.S. is constrained by Congress from lending to its friends, it should not be above showing confidence. It has not gone unnoticed that since our problems began in July, Clinton has had little time for us.

Summers is correct. It is necessary to take action that builds the confidence of people worldwide, and of potential investors. The U.S., as the world's largest economy and strongest nation, can help build confidence in nations undergoing the worst of the current economic problems. As America's oldest friend and ally in Asia, we hope to welcome Summers this week.

-- Bangkok Post