Surely the key criteria to consider are a) the ability of the system's managers (the Fed, Treasury, BWIs, etc) to displace the pain of the 'correction' - the devalorisation of fictitious capital - into other territories and societies; and b) the ability of those adversely affected to resist being the victims of devalorisation? And b) has not been impressive, and if a) has demonstrated an impressive capacity by global financial managers during the 1980s-present, with a relatively dominant US$, and if that comes under threat because of the persistence of the US current account deficit (like it did in the late 1970s), then who knows how far - and where - a run might develop.
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