As Warren Buffett says, “You never know who’s swimming naked until the tide goes out.” For the emerging economies, the financial tide is being pulled by the strong dollar, driven by the perilous blend of a loose US fiscal approach and tightening monetary policy. This is familiar. So who is swimming naked? Argentina, still recovering from the 12 years of the Kirchners’ leftwing populism, is today’s leading example. That, too, is familiar. Is Argentina unique? Alas, possibly not.
正如華倫•巴菲特(Warren Buffett)所言：「只有當潮水退去時，你才知道誰在裸泳。」對新興經濟體而言，金融大潮正在強勢美元（驅動因素是美國的寬鬆財政政策和不斷收緊的貨幣政策這一危險組合）的作用下退潮。這是熟悉的一幕。那麼，誰在裸泳呢？仍在從基什內爾夫婦(Kirchners) 12年的左翼民粹主義統治中艱難復甦的阿根廷，是當今典型的一例。這也是熟悉的一幕。阿根廷是唯一的嗎？唉，可能不是。
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