GIH: Latin America should not be disregarded, it was an Asian crisis in 1998 that shook worldwide markets.  Brazil is a growing player in the global economy, and the Venezuelan stock market has been on a bull run.  What happens in Latin America deeply affects the world.  Take a look at these disturbing Forex charts:

With today’s plunge, Latin American currencies have collapsed by over 5% in th elast 2 weeks – the fastest drop in almost two years. Year-over-year this is a 15.75% drop, the largest such drop since Lehman. This drop breaks the 2009 lows and presses the currencies to their weakest since 2003… Bond markets are being crushed as short-dated Argentine BONARs have collapsed to 14 month lows.

LatAm FX at 11 year lows…

 [5]

Argentina BONAR have seen firmer days.

 [6]