{"page":"\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/resources-c03aa079.css\" /\u003e\n\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/lp_boclips_stylesheets-517835be.css\" media=\"all\" /\u003e\n\u003cdiv data-title='USA: PUBLISHER STEVE FORBES CRITICISES IMF BAIL OUT OF SOUTH KOREA' data-url='/boclips/videos/5c54c1e2d8eafeecae15584f' data-video-url='/boclips/videos/5c54c1e2d8eafeecae15584f' id='bo_player_modal'\u003e\n\u003cdiv class='boclips-resource-page modal-dialog panel-container'\u003e\n\u003cdiv class='react-notifications-root'\u003e\u003c/div\u003e\n\u003cdiv class='rp-header'\u003e\n\u003cdiv class='rp-type'\u003e\n\u003ci aria-hidden='true' class='fai fa-regular fa-circle-play'\u003e\u003c/i\u003e\nVideo\n\u003c/div\u003e\n\u003ch1 class='rp-title' id='video-title'\u003e\nUSA: PUBLISHER STEVE FORBES CRITICISES IMF BAIL OUT OF SOUTH KOREA\n\u003c/h1\u003e\n\u003cdiv class='rp-actions'\u003e\n\u003cdiv class='mr-1'\u003e\n\u003ca class=\"btn btn-success\" data-posthog-event=\"Signup: LP Signup Activity\" data-posthog-location=\"body_link_boclips\" data-remote=\"true\" href=\"/subscription/new\"\u003e\u003cspan\u003e\u003cspan\u003eGet Free Access\u003c/span\u003e\u003cspan class=\"\"\u003e for 10 Days\u003c/span\u003e\u003cspan\u003e!\u003c/span\u003e\u003c/span\u003e\u003c/a\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-body'\u003e\n\u003cdiv class='rp-info'\u003e\n\u003cdiv aria-label='Hide resource details' class='rp-hide-info' role='button' tabindex='0'\u003e\u0026times;\u003c/div\u003e\n\u003ci aria-label='Expand resource details' class='rp-expand-info fai fa-solid fa-up-right-and-down-left-from-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003ci aria-label='Compress resource details' class='rp-compress-info fai fa-solid fa-down-left-and-up-right-to-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003cdiv class='rp-rating'\u003e\n\u003cspan class='resource-pool'\u003e\n\u003cspan class='pool-label'\u003ePublisher:\u003c/span\u003e\n\u003cspan class='pool-name'\u003e\n\u003cspan class='text'\u003e\u003ca data-publisher-id=\"30356011\" href=\"/search?publisher_ids%5B%5D=30356011\"\u003eCurated Video\u003c/a\u003e\u003c/span\u003e\n\u003c/span\u003e\n\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-description'\u003e\n\u003cspan class='short-description'\u003eEnglish/NatOne of America's leading businessman, millionaire publisher Steve Forbes has strongly criticised the I-M-F bail out of South Korea.The former Republican candidate for President, told reporters on Sunday the wrong formula was...\u003c/span\u003e\n\u003cspan class='full-description hide'\u003eEnglish/Nat\u003cbr/\u003eOne of America's leading businessman, millionaire publisher Steve Forbes has strongly criticised the I-M-F bail out of South Korea.\u003cbr/\u003eThe former Republican candidate for President, told reporters on Sunday the wrong formula was being used to aid ailing Asian economies - and was making a bad situation worse.\u003cbr/\u003eForbes made his comments the day after the International Monetary Fund (I-M-F) released its most extensive assessment of the currency crisis across Asia. \u003cbr/\u003eThe lending agency has had to assemble multibillion-dollar bailout packages for Thailand, Indonesia and South Korea.\u003cbr/\u003eAnd the I-M-F predicts that the financial fire-storm raging through Asia will leave no country untouched in 1998.\u003cbr/\u003eBut Steve Forbes, publisher of the Forbes financial magazine and former Republican candidate for President, says the I-M-F approach has been wrong.\u003cbr/\u003eSOUNDBITE: (English)\u003cbr/\u003e\"Unfortunately their prescriptions have made the situation worse not better, so its not just a bail out - they have the wrong prescription - tax increases, devaluations.  If they had the right prescriptions this crisis would have been over months ago.  \u003cbr/\u003eQ: Is this simply a matter of doing for Asia what they tried to do with Mexico?\u003cbr/\u003eA:  Well they did the wrong thing with Mexico - they bailed out the creditors, they bailed out the investors instead of propping up the Mexican peso so as a result those who speculated go out whole - the Mexican people were hurt, the effective standard of living was cut by a third - drug dealing went up, illegal immigration went up ... it was a poor model and I'm sorry to see that they are applying it to Asia.\" \u003cbr/\u003eSUPER CAPTION: Steve Forbes, Chairman Forbes Inc.\u003cbr/\u003eBecause of the rapidly deteriorating situation, the I-M-F updated its October \"World Economic Outlook\" with new economic projections for 1998. \u003cbr/\u003eI-M-F economists said the sharp growth slow-downs, coming after two decades of rapid growth in Asia, will feel like deep recessions. \u003cbr/\u003eSOUNDBITE: (English)\u003cbr/\u003e\"What the solution should be is very simple - give them the right advice - that is stabilise their currency, tie it back to the dollar.  Hong Kong has done it for years, other countries have done it - there are ways to do it and reduce the tax burden internally, open the economies up so they can get foreign investment and this crisis would dissipate very quickly - would disappear very quickly.\u003cbr/\u003eQ: Are we looking at a worse case situation? Can the markets tumble even further?\u003cbr/\u003eA: If they continue to man handle and mishandle the situation - yes the situation can get worse but I think that it is very clear that even when Japan proposed a small tax cut how relieved the markets where - people were looking for effective relief.  If that relief is provided then the crisis is over.\"\u003cbr/\u003eSUPER CAPTION: Steve Forbes, Chairman Forbes Inc.\u003cbr/\u003eTraders in stock markets throughout Asia would share the U-S millionaire's hopes that the financial crisis is ending - and they can look forward to a more prosperous new year.\u003cbr/\u003eWashington, DC - December 21, 1997\u003cbr/\u003e1. Walk in view of Forbes\u003cbr/\u003e2. SOUNDBITE: (English) Steve Forbes, Chairman Forbes Inc.\u003cbr/\u003e3. Cutaway of cameramen\u003cbr/\u003e4. SOUNDBITE: (English) Steve Forbes, Chairman Forbes Inc.\u003cbr/\u003e5. Walk out view of Forbes\u003cbr/\u003e\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='action-container flex justify-between'\u003e\n\u003cbutton aria-expanded='false' aria-label='Read more description' class='rp-full-description' type='button'\u003e\n\u003ci class='fai fa-solid fa-align-left'\u003e\u003c/i\u003e\n\u003cspan id='read_more'\u003eRead More\u003c/span\u003e\n\u003c/button\u003e\n\u003cdiv class='rp-report'\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv aria-labelledby='resource-details-heading' class='rp-info-section'\u003e\n\u003ch2 class='title' id='resource-details-heading'\u003eResource Details\u003c/h2\u003e\n\u003cdiv class='rp-resource-details clearfix'\u003e\n\u003cdiv class='detail'\u003e\n\u003cdl\u003e\n\u003cdt\u003eCurator Rating\u003c/dt\u003e\n\u003cdd\u003e\u003cspan class=\"star-rating\" aria-label=\"3.5 out of 5 stars\" role=\"img\"\u003e\u003ci class=\"fa-solid fa-star text-action\" aria-hidden=\"true\"\u003e\u003c/i\u003e\u003ci 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class='detail'\u003e\n\u003cdl\u003e\n\u003cdt\u003eDate\u003c/dt\u003e\n\u003cdd\u003e1997\u003c/dd\u003e\n\u003c/dl\u003e\n\u003c/div\u003e\n\u003cdiv class='detail'\u003e\n\u003cdl\u003e\n\u003ci aria-hidden='true' class='fai fa-solid fa-language'\u003e\u003c/i\u003e\n\n\u003c/dl\u003e\n\u003c/div\u003e\n\u003cdiv class='detail'\u003e\n\u003cdl\u003e\n\u003cdt\u003eAudiences\u003c/dt\u003e\u003cdd\u003e\u003cspan\u003e\u003ca href=\"/search?audience_ids%5B%5D=371079\u0026amp;grade_ids%5B%5D=259\u0026amp;search_tab_id=1\"\u003eFor Teacher Use\u003c/a\u003e\u003c/span\u003e\u003c/dd\u003e\u003cdd class=\"text-muted\"\u003e\u003ci class=\"fa-solid fa-lock mr5\"\u003e\u003c/i\u003e2 more...\u003c/dd\u003e\n\u003c/dl\u003e\n\u003c/div\u003e\n\u003cdiv class='detail'\u003e\n\u003cdl\u003e\n\n\u003c/dl\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv aria-labelledby='concepts-heading' class='rp-info-section'\u003e\n\u003ch2 class='title' id='concepts-heading'\u003eConcepts\u003c/h2\u003e\n\u003cdiv class='clearfix'\u003e\n\u003cdiv class='details-list concepts' data-identifier='Boclips::VideoDecorator' data-type='concepts'\u003esouth korea, mexico, east asia, north america, business, economy, markets, asia\u003c/div\u003e\n\u003cdiv class='concepts-toggle-buttons' data-identifier='Boclips::VideoDecorator'\u003e\n\u003cbutton aria-expanded='false' class='more btn-link' type='button'\u003e\n\u003cspan\u003eShow More\u003c/span\u003e\n\u003ci aria-hidden='true' class='fa-solid fa-caret-down ml5'\u003e\u003c/i\u003e\n\u003c/button\u003e\n\u003cbutton aria-expanded='true' class='less btn-link' style='display: none;' type='button'\u003e\n\u003cspan\u003eShow Less\u003c/span\u003e\n\u003ci aria-hidden='true' class='fa-solid fa-caret-up ml5'\u003e\u003c/i\u003e\n\u003c/button\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv aria-labelledby='additional-tags-heading' class='rp-info-section'\u003e\n\u003ch2 class='title' id='additional-tags-heading'\u003eAdditional Tags\u003c/h2\u003e\n\u003cdiv class='clearfix'\u003e\n\u003cdiv class='details-list keyterms' data-identifier='Boclips::VideoDecorator' data-type='keyterms'\u003egovernment finance, media and entertainment industry, relief, united states, publishing, financial services, industries, government and politics, national taxes, quickly, people, steve forbes, bailed, crisis, national governments, government business and finance, deal, banking and credit, prescriptions, government taxation and revenue, development banking, situation, international monetary fund, worse\u003c/div\u003e\n\u003cdiv class='keyterms-toggle-buttons' data-identifier='Boclips::VideoDecorator'\u003e\n\u003cbutton aria-expanded='false' class='more btn-link' type='button'\u003e\n\u003cspan\u003eShow More\u003c/span\u003e\n\u003ci aria-hidden='true' class='fa-solid fa-caret-down ml5'\u003e\u003c/i\u003e\n\u003c/button\u003e\n\u003cbutton aria-expanded='true' 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