We are seeing a total collapse in the commodities that have fed the emerging-market world for as long as any of us can remember. Every day we see signs of a wholesale crushing. Last week's crash in iron, the gut-wrenching attempts of copper to stay up here, the endless roll-backs of any rate hikes in steel, the trashing of aluminum: These are all signs that we are on the verge of a slowdown of epic proportions. This is particularly so in China, but also in Latin America, particularly for Brazil.
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