What the Brazil shock signals is that this thing isn't over. Investors will continue to put money into "emerging markets" and then pull it out again; there will continue to be a sort of brinkmanship with the governments concerned. I found it interesting that Clinton went with Rubin and against Commerce secretary Daley and trade representative what's-her-name over the issue of how to handle the flood of cheap steel imports. Rubin said we would send the wrong message with protecionist measures. Unions will have to change their tune sooner or later. I don't see either Gore and his "practical idealism" or Bush Jr. and his "compassionate conservativism" deviating from the Rubin line should either become president.
>If this is true, it adds credibility to the notion that the crisis that
>began in Asia is indeed the beginning of an unstoppable global panic. This
>is the kind of BIG wave revolutionaries look for with a gleam in their eye
>like surfers. Here it comes. Watch the markets dive!
We have to be ready to explain what's really going on, with a little Zizekian rhetorical flourish of course. I don't see how these multi-billion dollar bailouts can continue. Once the impeachment circus is done congress will have to face the issue again, especially if Japan and Euroland decide bailing out Latin America is a waste of their money.