Global investors, seeking to diversify away from the post-bubble heavily-indebted Western world, have inadvertently created a massive “hot-money” bubble in emerging market nations, causing overheated economies and property bubbles everywhere from Brazil to Israel to the Philippines. Soaring asset prices and easy money is creating “luxury fever” as emerging market nations copy the spendthrift ways that led to the West’s downfall just a few years earlier. In its essence, the emerging markets bubble is a derivative of the commodities and China bubbles and is highly vulnerable to their inevitable popping.

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