Fragile Fear

(1) The Fragile Five are submerging. (2) Fickle short-term capital flows. (3) Are F-5 scarier than five PIIGS? (4) Greece again, but no Grexit. (5) EMs do matter to both US and the world. (6) The F-5 may not matter all that much. (7) Severe devaluations stress F-5 with higher import prices, and wider trade and budget deficits. (8) Not much stress in commodity prices so far.