History does not repeat itself, but it rhymes. With my decades of experience following emerging markets, believe me, I'm not one to ignore history or who does not understand the folly of saying “this time is different.” Yet, I do believe it's important to focus on the differences between now and previous crises of confidence to see if Argentina, and even Turkey, may be presenting tremendous long-term contrarian buying opportunities.
Perhaps more important for most investors is whether they should be seriously worried about the current episode of contagion imperiling most of their developed market