Global financial markets were roiled this past week as Turkey's currency lost approximately one-third of its value after the U.S. placed sanctions on the country in retaliation for holding an American pastor under house arrest. Market participants have been fearful of a contagion spreading throughout emerging markets, which were already struggling this year due to the surging U.S. dollar, rising interest rates, and the tightening of U.S. monetary policy. Though most commentators have focused on the sharp decline of the lira currency, my primary concern is the popping of Turkey's credit bubble that I warned about in ... (full story)