A new financial crisis

Who would know that the next big financial crisis after that in Argentina would take place in the US? Today's title in the Financial Times cannot be clearer: Wall Street in turmoil. What we still don't know is two things: (1) How will the growing crisis affect the real economy? (2) How will affect developing countries? East Asian Central Banks could be particularly affected and is something to follow with care. The effects on Latin America could be larger through a reduction in trade and foreign investment than through any contagion effect... although this is always hard to predict!