"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
What was old is new again.
That passage came to mind when I saw this headline at Clusterstock:
The U.S. Slow-Down Is Sending Investors Overboard Into Emerging MarketsOne of these days I'll get around to telling the story of National City Bank and their early adventures in securitizing sub-prime loans back in the 1920's.
National City is now Citigroup.
What was old is new again.
