traders responded to the IMF’s big Reveal by promptly yanking out even more money and further attacking Asia’s currencies. Korea was losing $1 billion a day and its debt was downgraded to junk bond status. The IMF’s “help” had turned crisis into catastrophe. Or, as Jeffrey Sachs, now in open warfare with the international financial institutions, put it, “Instead of dousing the fire, the IMF in effect screamed fire in the theatre.”
