From Joseph Salerno: "The sharp decline in the value of the peso does not represent the onset of a so-called 'currency crisis' but rather the very means of resolving a crisis already long underway." A good way to think of crises as not the problem in and of themselves, but the indicator of other underlying factors.
Dr. Christopher Hartwell is an institutional economist and President of CASE Warsaw. All commentary on this page is exclusively his own and in no way represents the views of CASE, his wife, his dog, or anyone else. Especially not his wife or his dog.