Emerging markets used to be known as markets you couldn’t emerge from in an emergency. In fact, it is hard to think of an emerging economy that hasn’t experienced at least one devastating boom-bust cycle on its path to development. The U.S. is no exception. This time, though, it’s different.
The Japanese are doing it again. The Koreans prefer to do it when nobody’s watching. The Chinese are at it brazenly and, like everything else they do, on an enormous scale. The Swiss tried it, without much success.
The reality is that Greece was always a special case. It is a country that does not issue its own currency, and the quality of its credit depends on other Europeans’ indulgence, now in short supply. So, it's Japan we should really worry about.