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A happy story goes that Mexico's Tequila crisis was energetically saved by the $50 billion assistance package, and within 3 years the loan was returned, with the US earning a profit of $500 million.

Where did that $500 million came from? It came from hard working Mexicans, of course. Would Adam Smith recognize here the often quoted taxation of productive enterprise?

Then came the 1997 Asian crisis - of those hapless, inept, evidently lazy Asians. Their economies were helped back into track within 2 years, with a handy profit of fire-sold local enterprises.

With crises being so profitable, little wonder that the crises become ever more elaborate.

by das monde on Sun Apr 26th, 2009 at 10:46:30 PM EST

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