Route: USA Tumbles, Brazil, Korea falls further
Blue is represented by the S&P 500. Red is Korea, Green is Brazil. The US has been rocked today and take lots of losses. While it was bad in the US, it was much much worse in the emerging markets, where it is off by as much as 12% in Korea and Brazil. Today's market is not for the weak kneed investor for sure. Off 12% in three days, just goes to show how quickly money can vanish.
Long term, I'm much more positive about the emerging markets than I am developed becasue of unfunded liabilities. Most developed countries, with a strong unfunded social safety net would be bankrupt, including the United States. They would not only be bankrupt but their owners would be in jail for financial malfeasance.