Global Financial Crisis 2008 Financial Crisis 1997 Differences With

1997 financial crisis hit most Asian countries. There is also affected by the crisis are: Indonesia, Thailand, Malaysia, Singapore, Philippines, South Korea. This crisis did not spread to other parts of the world.

This crisis exchange rate in the countries affected is due to make a nation and its foreign debt has fallen into poverty. Industry with imported raw materials went bankrupt. Happy story, the coffee farmers and exporters in Indonesia get nomplok fortune due to the depreciation of rupiah exchange rate.

The global financial crisis started from the United States 2008. Unlike the 1997 financial crisis affecting local 2008 crisis spread to almost all parts of the world. The stock fell. Multinational financial companies go bankrupt. Many companies in the U.S. would make the reduction of employees.

Financial crisis in the U.S., portfolio investors on the stock exchange to attract funding. As a result, the stock market fall, and now all currency exchange rates follow Asia fall. The rupiah exchange rate against the dollar had reached levels Rp12.000 per USD1.

Unfortunately, the collapse of the rupiah exchange rate is not accompanied by increased exports due to major export markets of Indonesia, namely the U.S., is bankrupt. In fact, the current agricultural commodity prices and mining fell. Falling coal prices, coffee prices fell. CPO prices to fall. Crude oil prices fell to a rate of USD60 per barrel-an.

The story above shows how the economy of Indonesia is not independent. In the 1997 crisis, others are not dragged over the world. Now, in 2008, due to the crisis in the United States, we must follow impacted. Therefore, let us move to develop the economic independence of Indonesia.