Written by Q. William Bacon
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Topics: recession, Vietnam

Sunday, 28 November 2010

image for Vietnam Introduces "Domino Theory" of Western Bankruptcies
Many Western nations are suffering a recession

HANOI, Vietnam - Government trade and finance officials are warning of a global "domino effect", where financial defaults in one Western nation would induce further defaults in neighboring nations.

Prime Minister Nguyen Tan Dung explained, "Those of us in the East, while enjoying the fruits of free-market socialism, must not take these comforts for granted. A bankrupt nation in the West may be bailed out by its sister nations, bringing them also to bankruptcy, until insolvency and chaos has spread to the very borders of Vietnam. This is why Vietnam, China, Malaysia, and other nations that form the last bastion of fiscal sanity on the planet must take action to stabilize the helpless nations of the West."

However, leaders of the opposition are highly critical of the government's aggressive foreign policy. "Most Vietnamese have never even heard of Ireland or Greece. How long are they going to support Vietnam sending money and financial advisors over there? It is clear that, once Vietnam takes responsibility for the fiscal security of some hopeless far-away nation of round-eyes and their bizarre credit practices, we will be stuck in a financial quagmire from which we cannot honorably withdraw."

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