The United States economic recession is both epidemic and contagious.
The Asian Development Bank warned that prolonged volatility in global financial markets could lead to a reversal of capital flows to emerging East Asian countries.
"Though the region is resilient in previous periods of financial turbulence, several risks remain," the ADB said in the November issue of Asia Bond Monitor. Along with the limited exposure to U.S. subprime mortgages, wider ramifications could not be ruled out in the future. Subprime mortgages refer to housing credit given to borrowers with imperfect credit history and little equity. Rising subprime delinquencies in the U.S. have spooked financial markets as big banks took bad hits from exposure to financial instruments with subprime credit as underlying asset.In turn, it has caused sporadic investor aversion to assets from emerging markets.
Uncertainty regarding the losses from U.S. subprime delinquencies- together with an onset of high volatility in markets could also result in yen buy backs and could also set off an unwinding of the yen "carry trade." The yen "carry trade" refers to the borrowing of funds from the low-interest Japan and investing the proceeds in higher yielding assets. The Philippines, which has lured in $3.7 billion worth of hot money or investments in local stocks and bonds from January to October this year from only $1.97 billion a year ago, is among the beneficiaries of this carry trade phenomenon.
Also, credit and debt creation in U.S. seemed to have no limits. Consumers stopped saving and went on a borrowing and spending spree. They borrowed to consume and invest. Savings shrank to zero and mortgage debt rose.
All these inevitable conditions have the great potential to disrupt local currency bond markets and market liquidity more generally.
They will slowly but surely weaken the stamina of our shrinking economy.The U.S. recession syndrome will infect our country's immune system.
Tuesday, February 26, 2008
Monday, February 25, 2008
Loyalty to History
Sharon was in deep slumber but unusual noises awakened her. The strange hush of the wind gave a terrible warning. Suddenly, cold hearted brutes snatched away her peaceful life. She was 13 years old then and was sold for $30. In a brothel, 8-15 men raped her every night even when she had her menstruation or fever. More than 1,500 men had sexually molested her by the time she was able to escape.
Nowadays, the number of prostitutes in the Philippines is about the size of the manufacturing workforce, according to Former Philippine Labor Undersecretary Rene Ofreneo. This boldly says that there is a huge number of people who almost has the same case with Sharon.
Based on the Kyodo News, August 18, 1998, there were 400,000 to 500,000 prostitutes in the Philippines. Worse, 3,266 more children were forced into the sex industry every year based on Today's News, February 24, 1998. Among the 500,000 prostitutes, there were 150,000 Filipinas who have been trafficked into prostitution in Japan, according to Daily Star, July 2, 1998. In the InterPress Service last October 12, 1997, The Philippines was ranked as the 4th among 9 nations with the most children in prostitution. In the same event, it was found out that 37 provinces had sex rings. No doubt why Philippines is one of the favored destinations of paedophile sex tourists from Europe and U.S. based on the Indian Express article, November 21, 1997.
These records do not become past although they were taken 10 years ago. Instead, they remain as intimate proofs of the AIDS (Acquired Immune Deficiency Syndrome) Theorem. What we have sowed, we now reap. The only difference is that we reap pests, not fruits.
Does it sound remarkable? Definitely, yes. Now, I believe, history repeats itself. Last Jnauary 21,the NBI Caraga Regional Office has noted an increase in immorality cases such as prostitution,paedophilia,pornography and trafficking, to name a few. In 1998,The rise in prostitution increased the spread of AIDS. Until now, it happens. Yet, it even grew worse.
To think of those prostitutes in the past 10 years, it's really agonizing. A harsh reality, indeed. No wonder why their remnants still haunt us today- the terrifying human immunodeficiency viruses..
Nowadays, the number of prostitutes in the Philippines is about the size of the manufacturing workforce, according to Former Philippine Labor Undersecretary Rene Ofreneo. This boldly says that there is a huge number of people who almost has the same case with Sharon.
Based on the Kyodo News, August 18, 1998, there were 400,000 to 500,000 prostitutes in the Philippines. Worse, 3,266 more children were forced into the sex industry every year based on Today's News, February 24, 1998. Among the 500,000 prostitutes, there were 150,000 Filipinas who have been trafficked into prostitution in Japan, according to Daily Star, July 2, 1998. In the InterPress Service last October 12, 1997, The Philippines was ranked as the 4th among 9 nations with the most children in prostitution. In the same event, it was found out that 37 provinces had sex rings. No doubt why Philippines is one of the favored destinations of paedophile sex tourists from Europe and U.S. based on the Indian Express article, November 21, 1997.
These records do not become past although they were taken 10 years ago. Instead, they remain as intimate proofs of the AIDS (Acquired Immune Deficiency Syndrome) Theorem. What we have sowed, we now reap. The only difference is that we reap pests, not fruits.
Does it sound remarkable? Definitely, yes. Now, I believe, history repeats itself. Last Jnauary 21,the NBI Caraga Regional Office has noted an increase in immorality cases such as prostitution,paedophilia,pornography and trafficking, to name a few. In 1998,The rise in prostitution increased the spread of AIDS. Until now, it happens. Yet, it even grew worse.
To think of those prostitutes in the past 10 years, it's really agonizing. A harsh reality, indeed. No wonder why their remnants still haunt us today- the terrifying human immunodeficiency viruses..
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