Global Investing: Look Out Below

Yes, it has gotten ugly out there. the recent panic sparked by the global credit crisis has triggered the most serious market turbulence since the aftermath of the dotcom mania in 2001 and 2002. The Federal Reserve, European Central Bank and other central banks were forced to pump over $150 billion into the world's banking systems to stabilize short-term lending markets and reassure worried investors.

Many are now hoping the worst is over, but it's probable that a long and painful period of correcting the excesses in the credit markets has only just started. After several boom years,...

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