RIO DE JANEIRO, BRAZIL - Chile's crisis is reflecting general uncertainty among international investors in emerging markets, where yields have been sluggish for years.
Despite interventions by central banks, the pressure is likely to persist. With the collapse of the Chilean peso, tension on Wall Street has soared. The crisis began with citizen protests, which have now apparently prompted a referendum on the Chilean economic model.
And this is happening in Chile, of all places, where the Wall Street wise men have been praising the success of the liberal Western economic system for decades. But that has now come to . . .