Published Wednesday, July 25, 2007 by Robert Blumen
Gloom and doomers have often been wrong, but not always. Crises do happen, writes Rober Blumen. In recent years, a number of countries have had their currency collapse or have defaulted on foreign debt. Recall the Asian contagion, the Mexican peso crisis, the Russian ruble crisis in 1998, and the Argentine banking crisis. America is not inherently immune from such a crisis. Perhaps we have one unfolding now in the sub-prime sector, though there is still debate about whether it will remain contained there or will spread. Either way, the laws of economics apply to America as well anyplace else.
(Original Text)
The Financial Apocalyptics Are Back (3.65 MB)