US learning lessons from S.Korean economic crisis

[bluesky79]

Lessons Learned, South Korea Makes Quick Economic Recovery
http://www.nytimes.com/2011/01/07/world/asia/07seoul.html

The World is paying attention to president Lee Myong bak's remark that "US needs to learn from South Korea for economic recovery." US New York Times covered S.Korea's recovery from its economic crisis in detail on January 6th.

 

[editec]

The Asian currency crisis is known popularly here as the I.M.F. crisis because the danger of economic collapse forced South Korea to swallow a tough bailout package from the International Monetary Fund that closed big banks and industrial companies, led legions of workers to be laid off and prompted citizens to donate their gold to the national treasury. It was a collective trauma that is remembered here on the scale of the Great Depression in the United States.

Meanwhile what is the USA doing?

Reducing taxes on the wealthiest people in our society.

So folks, the S Korean solution isn't one we're likely to try.