The result is what we have all seen as the Asian meltdown. The currency declines began a series of further financial problems. The Asian countries collapse, and we in the U.S. shake our heads and pity them. This is done with the hope that the problem is contained. But it's not.
Banks are insolvent.
The Japanese economy tumbles. A series of chain events like this begins. The economic problems broaden, and deepen. To Australia, a large commodity producer and exporter. The same for South America and Canada.