Every Central Bank For Itself

Below is the April 12th "Thoughts from the Frontline" newsletter, republished in full. “Everybody has a plan until they get punched in the face.” – Mike Tyson For the last 25 days I’ve been traveling in Argentina and South Africa, two countries whose economies can only be described as fragile, though for very different reasons. Emerging-market countries face a significantly different set of challenges than the developed world does. These challenges are compounded by the rather indifferen...