The World Economy: The Never-Ending Story

IT IS close to ten years since Americaâ??s housing bubble burst. It is six since Greeceâ??s insolvency sparked the euro crisis. Linking these episodes was a rapid build-up of debt, followed by a bust. A third instalment in the chronicles of debt is now unfolding. This time the setting is emerging markets. Investors have already dumped assets in the developing world, but the full agony of the slowdown still lies ahead.