Republished from Dr. Ed Yardeni’s blog: “Dr. Ed’s Blog”
The current emerging markets crisis didn’t just start last week. It’s been going on for a while, and should come as no surprise to investors. Argentina’s peso has plunged 18.9% y/y. South Africa’s rand is down 5.7%. Turkey’s currency has been a turkey since 2008. The following have been running trade deficits for the past year or longer (with the latest 12-month deficits in parentheses): India ($155 billion), Indonesia ($6 billion), …