The Asian Crisis: The Rubin Rescue

After trying to whistle past the Asian crisis, Washington has now waded in. Will the bailout work?

It tells us something about the new world order when the global battles America is fighting are less about the balance of power than about the balance sheet. We gauge our vital interests not by which boundaries we will defend but by which currencies. And the meetings that matter most don't always take place in the soundproof White House Situation Room; some are held in a private dining room at the Jefferson Hotel.

That's where Treasury Secretary Robert Rubin met on Dec. 18 with Federal Reserve Chairman Alan Greenspan and their top aides to craft a new approach to the Korean...

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