In Wednesday’s wee hours, as Donald Trump looked increasingly certain to emerge as the next president of the United States, stock markets began crashing. The Dow futures are down by more than 600 points, or 4 percent, as I type. (They were even briefly halted when the fall hit 5 percent.) The world markets are not doing any better. Japan’s Nikkei is down by 5 percent, Hong Kong’s Hang Seng by almost 3 percent. The Mexican peso, which has acted as a surrogate for oddsmakers throughout much of the election given Trump’s rhetoric—rising when Clinton’s chances looked good, falling when Trump appeared ascendant—collapsed to a record low against the dollar Tuesday night.
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