Tom Yam Kung Crisis : The Asian financial crisis of 1997

Tom Yam Kung Crisis

Tom Yam Kung Crisis is 1997 Asian financial crisis. The crisis started in Thailand and then it spread to other Asian countries like South Korea, Japan, Indonesia and Singapore.

Tom Yam Kung (or Tom Yam Gong) Crisis in 1997 made “Tom Yam Kung” well-known as one of the best Thai food menus which is popular around the world. The Asian financial crisis of 1997 was named the Tom Yam Kung crisis by foreigners because they associate the soup with Thailand.

However, in Thailand, the menu which is the most popular is “Som-Tam” (It sometimes called “Thai Papaya Salad”).

Som-Tam is a local menu of the Northeast of Thailand (whose language and culture is similar to Laos, Thailand’s neighboring countries. Of course, you will find this menu in Laos as well) before they spread throughout the country. You can find Som-Tam shop almost everywhere, whether they are in buildings, kiosk and food carts.

Asian Countries like South Korea and Thailand were the most affected by Tom Yam Kung Crisis. In South Korea, the Foreign debt-to-GDP ratios rose from 13% to 21% and then as high as 40%, while the other  newly industrialized Asian countries fared much better.

It truly is a tragedy to see one’s retirement account shrink dramatically in just a few days of wild gyrations in the market. What took years to grow to what seemed to be a respectable amount of money, that would guarantee peace of mind during retirement, got cut in half or even less in what seemed to be just a few days.

With all that money gone, so many other dreams got wiped away! Now people are caught in fear, panic and rage. That is normal, but unfortunately does not solve any of these problems.

Eventually, we all need to answer the most important questions:

How do I get my money back?* How do I recover what is lost?

How can I get it back by the time I need it for myself and my family?

Will I ever get the courage to put more money in the market?

Can I trust myself in the market? And these last questions are perhaps the most difficult to answer… how can you put back precious money in what seems to be a machine controlled by unknown forces, capable of chewing your money up in a second?

But the reality is that there is no uncontrollable or mysterious power pulling strings from some covert locations beyond common people’s reach. You can be in full control of your financial destiny!

While it is certainly true that the average investor is forced to compete in the market against powerful corporations and other entities carrying the power and the weight of millions or billions of dollars in operating capital, the bottom line is that those who know and understand the market can manage their capital as needed and end up making money; those who just toss their savings in the pot and hope for the best end up losing it all.

Anything I Missed?

So this is Tom Yam Kung Crisis.

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