Mexico Needed An Ounce Of Prevention

"Lessons from the peso scare" (Editorials, Feb. 13) misses the point: Mexico's growing imbalance was allowed to continue for a very long time without comment by responsible international organizations.

What's necessary is not a system for bailing out countries following collapse from inappropriate economic policies but a system for timely identification of imbalances so that changes can be made and market forces can impose their own discipline.

Howard G. Schaefer

Schaefer Brothers Ltd.

Pasadena, Calif.

Before it's here, it's on the Bloomberg Terminal.