I think what's very disturbing about the present crisis is that there are a number of things going on at the same time, all of which aren't very good. We've got the Japanese yen going to eight-year lows, we've got talk about devaluation in China, we've got Hong Kong coming under attack and we've got a number of other Asian economies just showing incredible signs of weakness. |
My expectation is that we will see countries lapsing back to some sort of controls on trade, on capital, which isn't going to be too healthy for the global economy. |
There are very strong winds of change blowing through the continent of Latin America and they seem to be in somewhat of a left-ward direction. |
There's a lot to worry about. |
There's just a huge amount of money sloshing around looking for a place to go. |
This plays very well politically in those countries. Prepaying the IMF is declaring independence. |