Snappy newsletters. Simple Facebook sharing. Spirited comments. Sweet features are waiting… GET THEM NOW!

2007: Asia's Banner Year

Bloomberg praises those who fuel the region's return to economic power

By Jim O'Neill,  Newser User

Posted Dec 24, 2007 2:19 PM CST

(Newser) – Asia's economies are soaring so mightily that Bloomberg columnist William Pesek is passing out awards for Asia's big players in 2007. They range from a “Money Talks” prize, for Arab and Asian leaders who bailed out Wall Street banks, to the “Howard's End” trophy, for Australian PM Kevin Rudd's brave embrace of the Kyoto Protocol. "Yet the biggest news was a not-so-subtle shift in Asia's role in global markets," Pesek writes.

He reminds readers how, a decade ago, Asia suffered a humiliating meltdown and opened its doors for Westerners to buy assets at fire-sale prices. Now the shoe is on the other foot, and Asia is snapping up the West’s blue light specials. And why not? China is expanding, as the Indian rupee spikes 15% and the Thai baht 18%—all while US influence wanes.

South Korean president Lee Myung-Bak raises his fist as he speaks during a disbanding ceremony for the Grand National Party election committee at party headquarters in Seoul, 20 December 2007.
South Korean president Lee Myung-Bak raises his fist as he speaks during a disbanding ceremony for the Grand National Party election committee at party headquarters in Seoul, 20 December 2007.   (JUNG YEON-JE/AFP/Getty Images)
Bank of Japan (BOJ) Governor Toshihiko Fukui speaks at a press conference at BOJ headquarters on October 11, 2007 in Tokyo, Japan.
Bank of Japan (BOJ) Governor Toshihiko Fukui speaks at a press conference at BOJ headquarters on October 11, 2007 in Tokyo, Japan.   (Photo by Junko Kimura/Getty Images)
Hangzhou International Conference Center under construction in Hangzhou, eastern China's Zhejiang province Tuesday Aug. 21, 2007. (AP Photo)
Hangzhou International Conference Center under construction in Hangzhou, eastern China's Zhejiang province Tuesday Aug. 21, 2007. (AP Photo)   (Associated Press)
« Prev« Prev | Next »Next » Slideshow
To report an error on this story, notify our editors.
A snapshot of the day's best news stories.
 
COMMENTS
Be the first to comment on this story.

More Newser Stories

Madoff Scheme Not Much Worse Than Legal Ones

Australian PM Pledges Support for East Timor

International Leaders Pledge $1B to Back Libyan Rebels

Australia to US: You, Not Assange, to Blame for Leaks

Obama Relives Childhood Memories as Asia Trip Ends


NEWS FROM OUR PARTNERS
Other Sites We Like:   24/7 Wall St.   |   Betty Confidential   |   BuzzFeed   |   Cracked   |   Fark   |   Timelines   |   The Frisky   |   Geek Sugar   |   NewsOne