{"id":37227,"date":"2018-09-01T10:12:35","date_gmt":"2018-09-01T15:12:35","guid":{"rendered":"http:\/\/olduvai.ca\/?p=37227"},"modified":"2018-09-01T10:12:35","modified_gmt":"2018-09-01T15:12:35","slug":"economic-doom-returns-emerging-market-currencies-collapse-to-record-lows-as-global-financial-chaos-accelerates","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=37227","title":{"rendered":"Economic Doom Returns: Emerging Market Currencies Collapse To Record Lows As Global Financial Chaos Accelerates"},"content":{"rendered":"<header class=\"entry-header\">\n<h3 class=\"entry-title\"><a href=\"http:\/\/theeconomiccollapseblog.com\/archives\/economic-doom-returns-emerging-market-currencies-collapse-to-record-lows-as-global-financial-chaos-accelerates\">Economic Doom Returns: Emerging Market Currencies Collapse To Record Lows As Global Financial Chaos Accelerates<\/a><\/h3>\n<\/header>\n<div class=\"entry-content\">\n<p>After a little bit of a lull, the international currency crisis is back with a vengeance.\u00a0 Currencies are collapsing in Argentina, Brazil, India, Turkey and other emerging markets, and central banks are springing into action.\u00a0 It is being hoped that the financial chaos can be confined to emerging markets so that it will not spread to the United States and Europe.\u00a0 But of course the global financial system is more interconnected today than ever before, and a massive wave of debt defaults in emerging markets would inevitably have extremely serious consequences all over the planet.\u00a0 It would be difficult to overstate the potential danger that this new crisis poses for all of us.\u00a0 Emerging market economies went on an unprecedented debt binge over the past decade, and a high percentage of those debts were denominated in U.S. dollars.\u00a0 As emerging market currencies collapse, it is going to become nearly impossible to service any debts denominated in U.S. dollars, and that could ultimately mean absolutely enormous losses for international lenders.\u00a0 Our system tends to do fairly well as long as everybody is paying their debts, but once the dominoes begin to tumble things can get messy really quickly.<\/p>\n<p>Let\u2019s start our roundup today with India.\u00a0 While India is currently not in as bad shape as some of the other emerging markets, the truth is that they could get there pretty rapidly if they keep going down this path.<\/p>\n<p>On Thursday, concerns about rising oil prices drove the Indian rupee <a title=\"to a brand new all-time record low\" href=\"https:\/\/www.cnbc.com\/2018\/08\/30\/indias-rupee-falls-to-an-all-time-low.html?__source=sharebar%7Ctwitter&amp;par=sharebar\" target=\"_blank\" rel=\"noopener noreferrer\">to a brand new all-time record low<\/a>\u2026<\/p>\n<blockquote><p>The Indian <a class=\"inline_quotes\" title=\"rupee\" href=\"https:\/\/www.cnbc.com\/quotes\/?symbol=INR%3D\" target=\"_blank\" rel=\"noopener noreferrer\" data-gdsid=\"613630\" data-inline-quote-symbol=\"INR=\">rupee<\/a> fell <strong>to a record low<\/strong> on Thursday morning, following a declining trend all year \u2014 which economists attributed to rising oil prices, broader emerging market concerns, and strong month-end dollar demand.<\/p><\/blockquote>\n<p>\u2026click on the above link to read the rest of the article\u2026<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Economic Doom Returns: Emerging Market Currencies Collapse To Record Lows As Global Financial Chaos Accelerates After a little bit of a lull, the international currency crisis is back with a vengeance.\u00a0 Currencies are collapsing in Argentina, Brazil, India, Turkey and other emerging markets, and central banks are springing into action.\u00a0 It is being hoped that [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[2251,90,21215,195,4106,6069,8535,21216,7581,21217,21218,1732,7196,422,480,488,21219,21471,21220,8644,8645,818,851],"class_list":["post-37227","post","type-post","status-publish","format-standard","hentry","category-economics","tag-argentina","tag-brazil","tag-cheap-loans","tag-debt","tag-debt-crisis","tag-economic-collapse-blog","tag-emerging-market","tag-emerging-market-currencies","tag-emerging-market-currency-crisis","tag-emerging-market-debt-crisis","tag-emerging-market-economies","tag-emerging-markets","tag-global-debt-crisis","tag-india","tag-lending","tag-loans","tag-loans-in-u-s-dollars","tag-michael-synder","tag-servicing-loans","tag-the-dollar","tag-the-u-s-dollar","tag-turkey","tag-venezuela"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/37227","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=37227"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/37227\/revisions"}],"predecessor-version":[{"id":37228,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/37227\/revisions\/37228"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=37227"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=37227"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=37227"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}