by Patrick J. Buchanan – June 23, 1998

America had best wake up. Last week’s trade numbers were the
most ominous yet. Exports to Asia fell, as imports soared. This
nation is now running a merchandise trade deficit clocked in
April at nearly $260 billion a year, and accelerating…

On the eve of Mr. Clinton’s departure for China, Beijing decided to snap the White House to attention, with a naked threat to send the near-bankrupt economies of Asia into free fall.
China’s threat took the form of a warning: Either you and Tokyo intervene to stop the fall of the Japanese yen, or we will let China’s currency and the Hong Kong dollar collapse, as well.