Part 4/10:
In the early 1990s, a mild economic crisis in the U.S. had incited the Federal Reserve to lower interest rates, making investments in Southeast Asia, where rates were significantly higher, incredibly attractive. This led to a tidal wave of foreign investment, driving asset prices skyrocketing and prompting an overabundance of capital fueling questionable and often unprofitable projects. The perception was that these economies could do no wrong—an illusion that would soon shatter.