The Asian Financial Crisis As you know Asia is going through a financial crisis right now. What we have to realize is, that in the global economy everything is connected to everything else. The global effects of the crisis are practically everywhere. It’s caused the Gross Domestic Product to callapse 38% in the nations know as the Asian Tigers. The economist estimates China’s bad bank debt at 18% of GDP however, the Tunnel, an accurate unofficial Chinese magazine, estimates bad debt at 70% of GDP. Now the way that the crisis has effected the US are interest on the 30 year bonds are at record lows and the US bond future, are at