Emerging South

Borrowing at short term and lending at long term rates; some Brazilians mogols became insanely rich doing that. Does anyone remember what the Plano Real was about? 
Does anyone remember the 1999 'lessons learned' from Stanley Fischer of the IMF?  Not quite apparently.
The Americans still believe that theFed can manage the volatility out of the economy by manipulating the money supply.  An excellent post on the risks of putting this trust in the hands of the Fed.
Again hat-tip to Vincent for beaming this piece to me.

Ron Paul has it all figured out.  I just fear his righteous analysis doesn't make him popular amongst Americans who prefer living in Disneyland instead of confronting their realities and start saving.