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Protectionism will hurt the emerging markets even more than the US. Consider the plight of the countries in the Balkans after the Great Depression- all foreign investment pulled without a strong domestic market of their own. Its hard to tell what will happen here ... I'm just glad we're not invested in Russia (except perhaps indirectly as a market for KHD). Definately a danger sign though. I wonder if this will quickly spread through South America and India where the governments are likely to favor such action.

-John T
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