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Isn't there a vast middle-class in these emerging economies...historic financial events might not change things for the very rich and the very poor, but it will definitely change things for those in the middle -- either they become poor or they might be able to either become rich by being prepared and taking advantage of the situation or at the least avoid becoming poorer.

Also I don't think the debt being talked about is the debt of the poor...

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No. Most emerging economies have high inequality. Usually there is a small super elite of high net worth, and the majority of other people are poor.

The growth of a large middle class is usually what pushes countries out of this state. A middle classes grow, they demand political power to go with their economic power. This then puts a check on the excesses to either the mega-rich and extreme promises to the poor.

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