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Crisis Watch: we are all emerging markets now


Lou Jiwei, the head of China’s sovereign wealth fund, raised a chuckle last December when he called on the World Bank to guarantee investments in the US and Europe, just as it does in developing nations, because investing in those places was no longer safe. But was the sage of Beijing so far wide of the mark to lump America et al in with the ropier emerging markets?

Not according to Simon Johnson, former chief economist of the IMF, who…

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