--- title: "Meaning & Key Takeaway of: We have already seen some instances of…" description: "\"We have already seen some instances of systemic risk in recent times in the Asian financial crisis. But what sparked off the Asian financial crisis? Au..." image: "https://sms4smile.com/quotes/i/f02/paul-virilio-2130_asian_we-have-already-seen-some-instances-of-s_1267635.png" --- # We have already seen some instances of systemic risk in… ![“We have already seen some instances of systemic risk in recent times in the Asian financial crisis. But what sparked off the Asian financial crisis? Automated trading programmes!” quote by Paul Virilio](https://sms4smile.com/quotes/i/f02/paul-virilio-2130_asian_we-have-already-seen-some-instances-of-s_1267635.png) [Download](https://sms4smile.com/quotes/i/f02/paul-virilio-2130_asian_we-have-already-seen-some-instances-of-s_1267635.png) [Open image](https://sms4smile.com/quotes/i/f02/paul-virilio-2130_asian_we-have-already-seen-some-instances-of-s_1267635.png) > “We have already seen some instances of systemic risk in recent times in the Asian financial crisis. But what sparked off the Asian financial crisis? Automated trading programmes!” [Paul Virilio](https://sms4smile.com/quotes/author/paul-virilio/) ## About This Quote This interpretation was drafted with AI assistance. It is one reading of the quote, not the author's own explanation. The quote suggests that automated trading systems were a key trigger for the Asian financial crisis, highlighting technology's role in amplifying systemic risk. **In simple terms:** Automated trading helped cause the Asian crisis. Key Takeaway Recognize tech's impact on market stability. Themes finance technology risk economics Mood analytical concerned Type critical informative When to use this quote - financial analysis - policy making - investment strategy - regulatory review Key Concepts systemic risk algorithmic trading market volatility Questions to Reflect On - How do automated systems amplify market shocks? - What safeguards can mitigate tech‑driven risk? A Different Perspective Automation can also improve efficiency and liquidity, not just risk. ★ ★ ★ ★ ★ No ratings yet [Asian](https://sms4smile.com/quotes/about/asian/) [Asian Financial](https://sms4smile.com/quotes/about/asian-financial-767007/) [Automated Trading](https://sms4smile.com/quotes/about/automated-trading-4051298/) [Crisis](https://sms4smile.com/quotes/about/crisis/) [Crisis Automated](https://sms4smile.com/quotes/about/crisis-automated-4051300/) [Financial](https://sms4smile.com/quotes/about/financial/) [Financial crisis](https://sms4smile.com/quotes/about/financial-crisis/) [Instance](https://sms4smile.com/quotes/about/instance/) [Programmes](https://sms4smile.com/quotes/about/programmes/) [Risk](https://sms4smile.com/quotes/about/risk/) [Systemic Risk](https://sms4smile.com/quotes/about/systemic-risk-374394/) [Time](https://sms4smile.com/quotes/about/time/) [Trading](https://sms4smile.com/quotes/about/trading/) [Trading Programmes](https://sms4smile.com/quotes/about/trading-programmes-4051299/) ## Related quotes > [The globally constituted accident can be compared to what people who work at the stock exchange call 'systemic risk'.](https://sms4smile.com/quotes/paul-virilio/the-globally-constituted-accident-can-be-compared-to-what-people-who/) [Paul Virilio](https://sms4smile.com/quotes/author/paul-virilio/) > [If the Asian financial crisis had the impact of accelerating China's rise, the transatlantic financial crisis has had the effect of accelerating Germany's rise.](https://sms4smile.com/quotes/sanjaya-baru/if-the-asian-financial-crisis-had-the-impact-of-accelerating-china-s/) [Sanjaya Baru](https://sms4smile.com/quotes/author/sanjaya-baru/) > [“...during the Asian financial crisis the United States and other Western countries demanded that the Asians take three steps--let bad banks fail, keep spending…](https://sms4smile.com/quotes/fareed-zakaria/during-the-asian-financial-crisis-the-united-states-and-other-western/) [Fareed Zakaria](https://sms4smile.com/quotes/author/fareed-zakaria/) > [I take great pride in having been able to overcome the Asian financial crisis and seeking the opportunities available to bring about an unprecedented…](https://sms4smile.com/quotes/zhu-rongji/i-take-great-pride-in-having-been-able-to-overcome-the-asian/) [Zhu Rongji](https://sms4smile.com/quotes/author/zhu-rongji/) > [It is not my belief that we need greater government regulation of hedge funds with respect to the systemic risk they create.](https://sms4smile.com/quotes/kenneth-c-griffin/it-is-not-my-belief-that-we-need-greater-government-regulation-of/) [Kenneth C. Griffin](https://sms4smile.com/quotes/author/kenneth-c-griffin/) > [The overwhelming majority of new mortgages are issued with government backing in a highly concentrated securitization market. That leaves us with both potential taxpayer…](https://sms4smile.com/quotes/jerome-powell/the-overwhelming-majority-of-new-mortgages-are-issued-with-government/) [Jerome Powell](https://sms4smile.com/quotes/author/jerome-powell/) > [As boom- and bust-prone as high finance always has been and remains, the greatest systemic risk to our economy is not Wall Street. It's…](https://sms4smile.com/quotes/tony-blankley/as-boom-and-bust-prone-as-high-finance-always-has-been-and-remains/) [Tony Blankley](https://sms4smile.com/quotes/author/tony-blankley/) > [My preference is for the Federal Reserve to be the systemic risk regulator, because the responsibility for identifying and limiting potential problems is a…](https://sms4smile.com/quotes/henry-paulson/my-preference-is-for-the-federal-reserve-to-be-the-systemic-risk/) [Henry Paulson](https://sms4smile.com/quotes/author/henry-paulson/) > [“To enable lending to proceed when the IMF’s sustainability criteria were not met, its bureaucrats designed the “systemic risk waiver.” It was a model…](https://sms4smile.com/quotes/michael-hudson/to-enable-lending-to-proceed-when-the-imf-s-sustainability-criteria/) [Michael Hudson](https://sms4smile.com/quotes/author/michael-hudson/) > [Unfortunately, tools that transfer risk can also increase systemic risk if major counterparties fail to manage their own risk exposures properly.](https://sms4smile.com/quotes/blythe-masters/unfortunately-tools-that-transfer-risk-can-also-increase-systemic/) [Blythe Masters](https://sms4smile.com/quotes/author/blythe-masters/) > [The Obama administration's plan is to have the Federal Reserve regulate banks that might pose a 'systemic risk' if they were to fail.](https://sms4smile.com/quotes/thomas-frank/the-obama-administration-s-plan-is-to-have-the-federal-reserve/) [Thomas Frank](https://sms4smile.com/quotes/author/thomas-frank/) > [A single agency responsible for systemic risk would be accountable in a way that no regulator was in the run-up to the 2008 crisis.…](https://sms4smile.com/quotes/henry-paulson/a-single-agency-responsible-for-systemic-risk-would-be-accountable-in/) [Henry Paulson](https://sms4smile.com/quotes/author/henry-paulson/) > [In the future, financial firms of any type whose failure would pose a systemic risk must accept especially close regulatory scrutiny of their risk-taking.](https://sms4smile.com/quotes/ben-bernanke/in-the-future-financial-firms-of-any-type-whose-failure-would-pose-a/) [Ben Bernanke](https://sms4smile.com/quotes/author/ben-bernanke/) > [When it comes to policies of central bankers, the biggest systemic risk we have... are those policies.](https://sms4smile.com/quotes/rick-santelli/when-it-comes-to-policies-of-central-bankers-the-biggest-systemic/) [Rick Santelli](https://sms4smile.com/quotes/author/rick-santelli/) > [We now have power under the Dodd-Frank legislation to break up banks. And I've said I will use that power if they pose a…](https://sms4smile.com/quotes/hillary-clinton/we-now-have-power-under-the-dodd-frank-legislation-to-break-up-banks/) [Hillary Clinton](https://sms4smile.com/quotes/author/hillary-clinton/) ## More by Paul Virilio > [“It is, in fact, impossible clearly to distinguish economic war from information war, since each involves the same hegemonic ambition of making commercial and…](https://sms4smile.com/quotes/paul-virilio/it-is-in-fact-impossible-clearly-to-distinguish-economic-war-from/) [Paul Virilio](https://sms4smile.com/quotes/author/paul-virilio/) > [There is a French expression that says: to be exposed to an accident, to cross a street without looking at the cars means exposing…](https://sms4smile.com/quotes/paul-virilio/there-is-a-french-expression-that-says-to-be-exposed-to-an-accident/) [Paul Virilio](https://sms4smile.com/quotes/author/paul-virilio/) > [There cannot be an animal body without a territorial body: three bodies are grafted over each other: the territorial body - the planet, the…](https://sms4smile.com/quotes/paul-virilio/there-cannot-be-an-animal-body-without-a-territorial-body-three/) [Paul Virilio](https://sms4smile.com/quotes/author/paul-virilio/) > [... the blinding Hiroshima flash... literally photographed the shadow cast by beings and things, so that every surface immediately became war's recording surface, its film.](https://sms4smile.com/quotes/paul-virilio/the-blinding-hiroshima-flash-literally-photographed-the-shadow-cast/) [Paul Virilio](https://sms4smile.com/quotes/author/paul-virilio/) > [GPS not only played a large and delocalizing role in the war in Kosovo but is increasingly playing a role in social life.](https://sms4smile.com/quotes/paul-virilio/gps-not-only-played-a-large-and-delocalizing-role-in-the-war-in/) [Paul Virilio](https://sms4smile.com/quotes/author/paul-virilio/) > [The Gulf War may not have occurred in the actual global space, but it did occur in global time. And this thanks to CNN…](https://sms4smile.com/quotes/paul-virilio/the-gulf-war-may-not-have-occurred-in-the-actual-global-space-but-it/) [Paul Virilio](https://sms4smile.com/quotes/author/paul-virilio/) > [The cinema was certainly an art, but television can't be, because it is the museum of accidents. In other words, its art is to…](https://sms4smile.com/quotes/paul-virilio/the-cinema-was-certainly-an-art-but-television-can-t-be-because-it-is/) [Paul Virilio](https://sms4smile.com/quotes/author/paul-virilio/) > [What happened in Kosovo was the exact reversal of what happened in 'Fortress Europe' in 1943-45. Let me explain. Air Marshall 'Bomber' Harris used…](https://sms4smile.com/quotes/paul-virilio/what-happened-in-kosovo-was-the-exact-reversal-of-what-happened-in/) [Paul Virilio](https://sms4smile.com/quotes/author/paul-virilio/) > [The technologies of virtual reality are attempting to make us see from beneath, from inside, from behind... as if we were God.](https://sms4smile.com/quotes/paul-virilio/the-technologies-of-virtual-reality-are-attempting-to-make-us-see/) [Paul Virilio](https://sms4smile.com/quotes/author/paul-virilio/) > [There are eyes everywhere. No blind spot left. What shall we dream of when everything becomes visible? We'll dream of being blind.](https://sms4smile.com/quotes/paul-virilio/there-are-eyes-everywhere-no-blind-spot-left-what-shall-we-dream-of/) [Paul Virilio](https://sms4smile.com/quotes/author/paul-virilio/) > [I am of course thinking here about new planes such as the Sukhois. There is very little discussion about such developments but, for me,…](https://sms4smile.com/quotes/paul-virilio/i-am-of-course-thinking-here-about-new-planes-such-as-the-sukhois/) [Paul Virilio](https://sms4smile.com/quotes/author/paul-virilio/) > [Moreover, I would like to say that the sort of polar inertia we witnessed in the Kosovo War, the polar inertia involving 'automated war'…](https://sms4smile.com/quotes/paul-virilio/moreover-i-would-like-to-say-that-the-sort-of-polar-inertia-we/) [Paul Virilio](https://sms4smile.com/quotes/author/paul-virilio/) > [How can we live if there is no more here and everything is now?](https://sms4smile.com/quotes/paul-virilio/how-can-we-live-if-there-is-no-more-here-and-everything-is-now/) [Paul Virilio](https://sms4smile.com/quotes/author/paul-virilio/) > [The simulator is the stage in-between television and virtual reality, a moment, a phase. The simulator is a moment that leads to cyberspace, that…](https://sms4smile.com/quotes/paul-virilio/the-simulator-is-the-stage-in-between-television-and-virtual-reality/) [Paul Virilio](https://sms4smile.com/quotes/author/paul-virilio/) > [These new technologies try to make virtual reality more powerful than actual reality, which is the true accident. The day when virtual reality becomes…](https://sms4smile.com/quotes/paul-virilio/these-new-technologies-try-to-make-virtual-reality-more-powerful-than/) [Paul Virilio](https://sms4smile.com/quotes/author/paul-virilio/) [Explore all 181 Paul Virilio quotes ](https://sms4smile.com/quotes/author/paul-virilio/) ## More Asian quotes > [I think I am against stereotype. Generally, Asian guys are more quiet - they study and have a good work ethic. Generally, I have…](https://sms4smile.com/quotes/bobby-lee/i-think-i-am-against-stereotype-generally-asian-guys-are-more-quiet/) [Bobby Lee](https://sms4smile.com/quotes/author/bobby-lee/) > [I am tired of our characters being so incomplete. When do we ever save the day in a film? When does a Latino actor…](https://sms4smile.com/quotes/esai-morales/i-am-tired-of-our-characters-being-so-incomplete-when-do-we-ever-save/) [Esai Morales](https://sms4smile.com/quotes/author/esai-morales/) > [If you do a black character or a female character or an Asian character, then they aren't just that character. They represent that race…](https://sms4smile.com/quotes/dwayne-mcduffie/if-you-do-a-black-character-or-a-female-character-or-an-asian/) [Dwayne McDuffie](https://sms4smile.com/quotes/author/dwayne-mcduffie/) > [When I made it, I still didn't wave the flag and say, Yeah go Asian people. I do want people to know that about…](https://sms4smile.com/quotes/chad-hugo/when-i-made-it-i-still-didn-t-wave-the-flag-and-say-yeah-go-asian/) [Chad Hugo](https://sms4smile.com/quotes/author/chad-hugo/) > [I felt pretty good growing up. I didnt feel a lot of prejudice or racism. But I do remember, if there was going to…](https://sms4smile.com/quotes/david-henry-hwang/i-felt-pretty-good-growing-up-i-didnt-feel-a-lot-of-prejudice-or/) [David Henry Hwang](https://sms4smile.com/quotes/author/david-henry-hwang/) > [When you are in America, at least for me, as an immigrant, I try to be as Americanized as I could. I just want…](https://sms4smile.com/quotes/jimmy-o-yang/when-you-are-in-america-at-least-for-me-as-an-immigrant-i-try-to-be/) [Jimmy O. Yang](https://sms4smile.com/quotes/author/jimmy-o-yang/) > [I always tell Asian actors, especially Filipinos wanting to break into Hollywood, to study, study and study and show their best. I haven't stopped…](https://sms4smile.com/quotes/reggie-lee/i-always-tell-asian-actors-especially-filipinos-wanting-to-break-into/) [Reggie Lee](https://sms4smile.com/quotes/author/reggie-lee/) > [The narrative needs to change. Asian-American actresses don't want to be the damsels in distress anymore. We don't want to be saved, especially by…](https://sms4smile.com/quotes/jamie-chung/the-narrative-needs-to-change-asian-american-actresses-don-t-want-to/) [Jamie Chung](https://sms4smile.com/quotes/author/jamie-chung/) > [It's always fun to see faces that are either familiar or resemble yours. I was fascinated by movies like 'Big Trouble in Little China'…](https://sms4smile.com/quotes/ng-chin-han/it-s-always-fun-to-see-faces-that-are-either-familiar-or-resemble/) [Ng Chin Han](https://sms4smile.com/quotes/author/ng-chin-han/) > [In view of China's growing military strength and intentions, the best way to safeguard Asia's permanent peace and prosperity is to have all Asian…](https://sms4smile.com/quotes/jim-costa/in-view-of-china-s-growing-military-strength-and-intentions-the-best/) [Jim Costa](https://sms4smile.com/quotes/author/jim-costa/) > [I think Li Na and some other Chinese ladies have done so many amazing things for Asian tennis.](https://sms4smile.com/quotes/kei-nishikori/i-think-li-na-and-some-other-chinese-ladies-have-done-so-many-amazing/) [Kei Nishikori](https://sms4smile.com/quotes/author/kei-nishikori/) > [I don't want to have people brought in simply because they are black or Asian.](https://sms4smile.com/quotes/trevor-phillips/i-don-t-want-to-have-people-brought-in-simply-because-they-are-black/) [Trevor Phillips](https://sms4smile.com/quotes/author/trevor-phillips/) > [We grew up in rural Arkansas without any Koreans close by, and when I go to Korea feel out of place.](https://sms4smile.com/quotes/lee-isaac-chung/we-grew-up-in-rural-arkansas-without-any-koreans-close-by-and-when-i/) [Lee Isaac Chung](https://sms4smile.com/quotes/author/lee-isaac-chung/) > [I've been lucky to come up when there's such a huge explosion of women, and especially Asian women, in music.](https://sms4smile.com/quotes/michelle-zauner/i-ve-been-lucky-to-come-up-when-there-s-such-a-huge-explosion-of/) [Michelle Zauner](https://sms4smile.com/quotes/author/michelle-zauner/) > [I knew I was half Chinese, but Iceland is so homogenous that I wasn't able to identify with the Asian part of myself. Even…](https://sms4smile.com/quotes/laufey/i-knew-i-was-half-chinese-but-iceland-is-so-homogenous-that-i-wasn-t/) [Laufey](https://sms4smile.com/quotes/author/laufey/) [Browse all 1,157 Asian quotes ](https://sms4smile.com/quotes/about/asian/) ```json { "@context": "https://schema.org", "@graph": [ { "@type": "Quotation", "text": "We have already seen some instances of systemic risk in recent times in the Asian financial crisis. But what sparked off the Asian financial crisis? Automated trading programmes!", "creator": { "@type": "Person", "name": "Paul Virilio" }, "isPartOf": { "@id": "https://sms4smile.com/quotes/#website" }, "url": "https://sms4smile.com/quotes/paul-virilio/we-have-already-seen-some-instances-of-systemic-risk-in-recent-times/", "about": { "@type": "Thing", "name": "Asian" }, "@id": "https://sms4smile.com/quotes/paul-virilio/we-have-already-seen-some-instances-of-systemic-risk-in-recent-times/#quotation", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/f02/paul-virilio-2130_asian_we-have-already-seen-some-instances-of-s_1267635.png", "contentUrl": "https://sms4smile.com/quotes/i/f02/paul-virilio-2130_asian_we-have-already-seen-some-instances-of-s_1267635.png", "url": "https://sms4smile.com/quotes/i/f02/paul-virilio-2130_asian_we-have-already-seen-some-instances-of-s_1267635.png", "width": 1080, "height": 1080, "caption": "“We have already seen some instances of systemic risk in recent times in the Asian financial crisis. But what…” — Paul Virilio", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } }, { "@type": "BreadcrumbList", "itemListElement": [ { "@type": "ListItem", "position": 1, "name": "Home", "item": "https://sms4smile.com/" }, { "@type": "ListItem", "position": 2, "name": "Quotes", "item": "https://sms4smile.com/quotes/" }, { "@type": "ListItem", "position": 3, "name": "Paul Virilio", "item": "https://sms4smile.com/quotes/author/paul-virilio/" }, { "@type": "ListItem", "position": 4, "name": "We have already seen some instances...", "item": "https://sms4smile.com/quotes/paul-virilio/we-have-already-seen-some-instances-of-systemic-risk-in-recent-times/" } ], "@id": "https://sms4smile.com/quotes/paul-virilio/we-have-already-seen-some-instances-of-systemic-risk-in-recent-times/#breadcrumb" }, { "@type": "WebSite", "@id": "https://sms4smile.com/quotes/#website", "name": "SMS4Smile Quotes", "url": "https://sms4smile.com/quotes/", "publisher": { "@id": "https://sms4smile.com/quotes/#organization" } }, { "@type": "Organization", "@id": "https://sms4smile.com/quotes/#organization", "name": "SMS4Smile Quotes", "url": "https://sms4smile.com/quotes/", "logo": { "@type": "ImageObject", "url": "https://sms4smile.com/quotes/wp-content/themes/sq/assets/icons/icon-512.png", "width": 512, "height": 512 } } ] } ```