Collapsing emerging-market currencies, and the resulting trade pressures, will make it all the more difficult for them to prevent their unemployment levels from rising significantly. In the absence of a backstop for emerging-country finances, the doomsday scenario of a protectionist vicious cycle reminiscent of the 1930’s could no longer be ruled out.
即便完全从自身利益考虑，发达国家也需要这样做。新兴市场货币的崩溃以及由此产生的贸易压力将使它们更难防止它们的失业率急剧上升。在缺乏新兴市场财政支持的情况下，类似二十世纪三十年代的那种保护主义恶性循环的末日情景恐怕很有可能会重演。