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Financial panics are indeed dramatic and, for many private individuals and economic policymakers, traumatic. They are rarely of lasting significance to the fate of nations or their currencies, however, as the prompt recovery of Brazil, Korea, Mexico and Russia from their travails a decade ago demonstrates unless some fundamental political upheaval takes place as well (as happened in the case of Indonesia). Even the United States unilaterally shutting the gold window in 1971 did not lead to a sustained shift out of dollars or free fall in the currency.
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