Meanwhile, we have had to confront the current crisis with the institutions and techniques we have. Many argued that the Asian crisis should be allowed to run its course without support from the International Monetary Fund or the bilateral financial backing of other nations.
They asserted that allowing this crisis to play out, while doubtless having additional negative effects on growth in Asia, and engendering greater spill-overs onto the rest of the world, would not likely have a large or lasting impact on the United States and the world economy.