3 Lessons From the China Crisis That Wasn't

Now that the stock market has ended its foolish careening in response to Chinaâ??s modest, sensible adjustment in its exchange-rate mechanism, where are we? To borrow from Donald Rumsfeldâ??s famous observation about defense planning, thereâ??s what we know, what we donâ??t know, and what we donâ??t know we donâ??t know.