Is it now a crime to be a bear? In the present climate of doom, a growing number of politicians and business leaders in Southeast Asia would seem to think so.
With stock and currency markets tumbling and policy-makers' nerves frayed, intolerance is fast spreading through the region.
Bashing of Western investment banks and fund managers for short-selling is now in vogue, as is the lambasting of analysts or economists who write or say anything overly critical, and all who help them.
'It is easier to blame the foreign devil. It deflects the blame off domestic politicians and managers who screw up,' said the Asia chairman of a large European merchant bank, who rather appropriately asked to be quoted off the record.
'I don't think they're fooling anyone.' Nevertheless, analysts from Manila to Kuala Lumpur have begun to censor what they say in public for fear of complaints or reprisals. Ask them their opinion in private and the answer is likely to be at odds with what can be found in their glossy reports or what they tell the press.
Off the record, many say the peso could fall to as low as 36 to the US dollar. On the record, they would be more bullish.
