In his March 15 column in The Wall Street Journal, David Wessel drew some interesting comparisons between Indonesia's and California's power crises. He observed that the U.S. federal government and bond market will have assisted California on terms much more favorable than those the International Monetary Fund imposed on Indonesia. Obviously California is not facing the same issues regarding currencies and interest rates. Both governments, however, face the political challenge of deregulating retail rates for electricity.
George K. Miller,
Emerging Market Growing Pains: Lessons of the California Power Crisis,
24 Fordham Int'l L.J. 1264
Available at: http://ir.lawnet.fordham.edu/ilj/vol24/iss4/7