A flawed global financial system

During the Asian Financial Crisis in 1998, the global fund managers had a great time in selling short in the equity and currency markets. They made huge profits. The leaders in the developed countries said that the Asian economies deserve to be punished for their lax economic policies.

Now, the table has turned. It is the developed countries that are now suffering from short selling. What do the leaders say now? Short selling is bad and has to be stopped.

Wow. Double standard! What a hypocritical world.

My conclusion is that the global financial system is flawed and need to be changed. I agree with the posting by "ym" on the flaws of the "fractional banking system". Banks should not be allowed to create money on their own.