Stocks across Asia have hit the skids. They're at a four-year low. Investors are worried about a string of bad earnings reports from corporations — read: a possible global recession.
The Korean won is the weakest it has been against the U.S. dollar since 1998.
The Korean Chosun.com offers this editorial: "How to Save the Korean Economy." It calls for quick intervention by the government, and provides a great view into the international nature of this crisis:
The main reason for the volatile stock and forex [foreign exchange] markets is foreign investors unloading US$34.8-billion worth of Korean stocks from the beginning of this year until last Friday. Over that same period of time, foreign investors sold $12.2-billion worth of Taiwanese stocks, $11.2-billion worth of Indian shares, $11-billion worth of Japanese shares and $4-billion worth of Thai stocks.
Could this be part of the great global sell-off Nouriel Roubini warned about?
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