History doesn't repeat itself, but it does rhyme. I draw out the commonalities in every crash. And those are where we can draw some lessons from. The 1970s was characterized by the internationalization of financial markets. It also led to an internationalization of currency crisis. So if speculators don't believe your exchange rate is credible, they will attack it. That became because of the speed of contagion in emerging markets crisis that then spread to Russia, Turkey, Brazil and Argentina.

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