Stickier Money

More countries want to tame the volatility of global investment. Will that make things worse?

Can anything stop the financial panic that has swept from Asia to Russia to Latin America? On Wall Street last week, jittery traders dismissed the Federal Reserve's quarter-point cut in interest rates as too puny and sent the Dow Jones industrial average plunging 448 points in two days. In Washington State, farmers watched helplessly as their grain piled into huge drifts for lack of Asian buyers. In slumping Brazil, Ford and General Motors, which only recently completed new plants in the country, had to cut production drastically. And the future could be grimmer still, according to the International Monetary Fund, which...

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