The great economist JK Galbraith invented the “bezzle” to define the amount embezzled from companies but not yet noticed — an amount that rises amid lax controls in good times, and shrinks as falling prices reveal frauds.
Nefarious practices are again being discovered as the emerging market (EM) tide goes out, with allegations against leading politicians in Brazil, Malaysia and Turkey showing the bezzle is following its usual pattern.
Investor ardour for EM has waned. The trade-weighted dollar’s value against emerging markets last month passed its 2009 high, and is the strongest since March 2003.
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