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economist.com - 10/26/2008

A taxonomy of trouble

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How are emerging markets suffering? Let us count the ways. EVEN now, not every central banker is terribly impressed by the gravity of the financial crisis that has spread from Western banks to the emerging world’s shares, currencies and credit markets. In India the United Forum of Reserve ...

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"Currency crisis is gathering storm"
naked capitalism — ... This speaks to hot money fleeing emerging markets wholesale.... today, I caught two interesting perspectives on this debacle that made me blanch. One was the cover story in the Economist. ...

the emerging market crisis
Decline and Fall of Western Civilization — ... is paralysed, and it is starting to look like Black Wednesday in 1992. I’m afraid this is going to have a very deflationary effect on the economy of Western Europe. It is almost guaranteed that euroland money supply is about to implode,” he said. more via yves smith from ed harrison of credit writedowns. more still from paul krugman (and more). the unwind of the carry trade and resulting emerging market currency crisis is also this week's cover story for the economist. this has gone in a week's time from being a ...

Eight Notes and Comments on the Current Crisis
The Aleph Blog — 1) Greenspan — what a waste.  A bright, engaging man becomes a slave to the Washington political establishment.  Now he gives us a lame apology, when he should be apologizing for his conduct of monetary policy, which encouraged parties to take on debt because of the Greenspan Put.  Now the debts are too big to be rescued by the Bernanke/Paulson Put, where the Government finances dodgy debts. On a related note, Gretchen Morgenstern is right when she calls the apologies hypocritical.  I would only add that Congress also needs to apologize; they did not do oversight of the Administration properly.  Many members of the oversight committees are not ...