A Lehman Brothers event not likely in Asia

Marc Faber : There is, for sure. In 2008, the financial sector went bust. In the future, the governments will go bust. However, Asian governments’ finances are in a much better position than those of governments in the Western world, which have – aside from the published fiscal deficits, unfunded liabilities that are coming due. That will become a huge problem as the population is ageing, and fewer workers support more retirees. Asia reacted well to the 1997-98 crisis. A period of deleveraging followed: businessmen became conservative, they paid down debt. And banks became cautious in their lending. Asian banks are any day safer than banks in the Western world. I would deposit money in a Thai bank, no problem. They don’t know what a derivative is — because the derivative salesman was stuck in traffic in Bangkok! - in http://www.firstpost.com