Ron,

Excellently crafted and well explained stuff. I too experienced !997 Asian Financial Crisis when I was growing up. It was as same experience as I had facing the great recession of the US during late 2000's.

I really like the last 3 lines:
"Money is like water. It always flows somewhere, and it’s never quite clear exactly where it will go. The resulting, inevitable malinvestment that follows in its wake is revealed only after calamity strikes."

Keep it up.

Nroop.