"Emerging market speculation tends to appear at a juncture in the economic cycle when
declining yields on domestic bonds combine with an excess of capital to make
foreign investments particularly attractive."
-Edward Chancellor
Chapter 4, Fool's Gold: The Emerging Markets of the 1820's
Our older readers will recognize the intro as Joni Mitchell's "Circle Game".
She has another song which is actually more apropos:
By-the-bye, that kinda goofy looking pianist (Lyle Mays) has won 11 Grammys.
Not in the Kanye West or Stevie Wonder league but nothing to sneer at either.
For more on the Emerging Markets bloodbath see "Just how bad is the EM sell-off?" on offer at FT Alphaville this morning. (she also includes a reason to embrace EM's again, somewhere down the road)
