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Wall St is back but minus the swagger, BUSINESS TIMES
Business Times (Malaysia), September, 2001
Business Times (Malaysia) 09-18-2001 THE terrorist attack on Manhattan has caused about US$25 billion worth of destruction, but that is expected to pale compared with what will ultimately be spent on repairing the damage to world confidence. Already, the US Federal Reserve and other central banks have pumped over US$160 billion (US$1 = RM3.80) in temporary reserves into the banking system to ensure sufficient liquidity in the event of a run on the global capitalist system.
They are also committed to cutting interest rates as part of concerted efforts to shore up confidence, while Japan has started to buy US dollars to cushion the currency's nosedive. In addition, the US Congress has passed a massive US$40 billion emergency package. Going by the turmoil on...
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