“La sabiduría de la vida consiste en la eliminación de lo no esencial. En reducir los problemas de la filosofía a unos pocos solamente: el goce del hogar, de la vida, de la naturaleza, de la cultura”.
Lin Yutang
Cervantes
Hoy es el día más hermoso de nuestra vida, querido Sancho; los obstáculos más grandes, nuestras propias indecisiones; nuestro enemigo más fuerte, el miedo al poderoso y a nosotros mismos; la cosa más fácil, equivocarnos; la más destructiva, la mentira y el egoísmo; la peor derrota, el desaliento; los defectos más peligrosos, la soberbia y el rencor; las sensaciones más gratas, la buena conciencia, el esfuerzo para ser mejores sin ser perfectos, y sobretodo, la disposición para hacer el bien y combatir la injusticia dondequiera que esté.
MIGUEL DE CERVANTES Don Quijote de la Mancha.
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24 de julio de 2015
Emerging Market Currencies Tumble to Record Low in 'Violent' Selloff
Emerging-market currencies are in free fall.
An
index of the major developing-nation currencies fell to an all-time low
this week, extending its drop over the past year to 19 percent,
according to data compiled by Bloomberg going back to 1999. The Russian
ruble, Colombia's peso and the Brazilian real have fallen more than 30
percent over the past year for some of the worst global selloffs.
China's
economic slowdown is pushing down commodity prices, weighing on
raw-material exporters from Brazil to Mexico and South Africa. Adding to
the pain is the expectation that the Federal Reserve will soon embark
on the first interest rate increase since 2006, threatening to lure
capital away from developing nations.
``This
combination of a soft landing in China and a Fed that will normalize
rates soon poses significant risks to emerging markets, especially their
currencies,'' Stephen Jen, a former International Monetary Fund
economist who is now managing partner at SLJ Macro Partners in London,
wrote in a July 23 note. Jen said he expects ``a violent sell-off in
some emerging-market currencies in the second half this year.''
While
currency depreciation tends to spur growth by making exports cheaper,
so far this is not happening because global trade has stalled, according
to Citigroup Inc. and UBS Group AG. The International Monetary Fund
forecasts emerging markets will grow 4.2 percent this year, the slowest
since 2009.
