As I see it the crisis in so called emerging markets dwarfs anything that happened in 2007, 1987 and indeed 1929-33.
The contagion will IMO spread through panic in the global banking systems that we all talk about ……. a big concern being that most of the posters here actually agree on where the banks are going.
Some emerging market governments are in panic wile some don't give a sh#t. They don't care. Mugabe held onto power and personal wealth through decades of hyperinflation. Why can't they follow suit? Some, like Erdogan will simply declare Trump to be responsible and therefore liable for the cascade of defaults.
I recall on the eve of the 2007-08 crisis the some markets remained obliviously bullish and the media remained focussed on the misdeeds of entertainers and the like. Nobody cared until it actually bit them.
cheers
