Market's Partying Like It's 1998, VAR Models Need a Xanax
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Take a quick gander at the analysis below and see if you don't agree it's a pretty good summary of the recent state of play in financial markets as China launched the latest salvo in the global currency wars by devaluing the yuan.
They sort of nailed it, no? Except this analysis wasn't written about today's markets. It was written in 1998 by staff of the International Monetary Fund to explain the Asian financial crisis. The ripples from that eventually spread through global markets, including a sovereign default in Russia and the eventual failure of genius that spelled the end of Long-Term Capital Management.