So You Want To Tiptoe Back Into Emerging Markets?

Nearly a year ago, Thailand gave up trying to defend its currency and let market forces devalue the baht. It was like pulling a loose thread on a cheap suit. Thai stocks plunged, and so did stocks and currencies in Malaysia, the Philippines, South Korea, and Indonesia. Hong Kong equities melted in the fall, and this year, markets in Latin America--and now, Russia--are sinking as well.

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