The big story of the last 20 years has been a tale of two worlds coming together. While the developed world experienced a decade of growth in the 1990s followed by stagnation and decline in the 2000s, the developing world saw nothing but growth. The two phenomena are related in the tremendous expansion of credit and general money supply over this time, and are now starting to come together. The developing world is feeling the pinch the same as the developed world.
This story first appeared in Barataria back in September 2012, but it’s now quite fashionable to talk of the end of the great boom in “Emerging Markets” (EM). They have, simply, started to either mature or fall back. And investors are trying to find the next wave of fantastic growth stories to invest in.