Over the past few weeks, some silly ideas have circulated on the impact of
the financial crisis on Latin America. The
most dangerous was that Latin America would be
largely impervious to a debacle that was, as Brazilian President Luiz Inácio
Lula da Silva imprudently phrased it, "Bush's crisis." Leaders
ranging from Mexico's Felipe Calderón on the center-right to Fidel Castro and
Hugo Chávez on the extreme left all claimed, for different reasons, that
orthodox macroeconomic policies, recent growth, solid banking systems, the high
price of commodities (oil,… more