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The world is changing, fast…

September 14, 2008 Leave a comment

“After Argentina was — after a long, drawn out process — denied financial support from the IMF and left with no choice other than default and devaluation, the US Treasury encouraged the IMF to provide a large backstop to both Brazil and Uruguay. That strikes me as the right metaphor for tonight. But rather than worrying about the rest of the world, the US authorities now are worried about the health of the United States’ own financial system.”

Brad Setser

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