That is the Time cover story from February 15, 1999. It discusses the fallout from the 3Q & 4Q collapses of Russia, LTCM and Asia.
One of many gems:
And awful as the Asian correction is, it was, in a sense, inevitable because those economies had trundled billions of dollars into useless real estate and industrial development. “In general,” said Summers, 44, as he sat in the Frankfurt airport last September recovering from a hectic trip to Moscow, “we start with the idea that you can’t repeal the laws of economics. Even if they are inconvenient.”
Real-estate bubble… repealing economic laws… inconvenient realities… Larry Summers…
Where have I heard that story before? Oh and there is also a foreboding quote from a younger Geithner later on in the piece.
Be sure to read Jeff Tucker’s germane piece from December 1998 discussing these phenomenon and the policy makers.
Via Robin Tovson