So this was quite a contrast. But it reflected his strong view that zero interest rates were an impossibility, because at zero interest rates, people would just borrow, invest and consume and satisfy all their wants. So as I said, he would be perplexed at the current state of affairs.
The Asian crisis became widespread due mainly to vulnerability of the banking systems in Asian countries. By contrast, the current situation is limited to market risk, as exemplified by the heightening of market volatility.