Until recently, stock markets were having their best year to date since 1997. That was the year when markets were up some 25% in the first seven months — and then the Asian crisis struck. An initial ripple in the Thai baht spread financial contagion across a leveraged Asian economic region, and in turn led to steep losses in U.S. markets.
With riots on the streets of Hong Kong and its airport disrupted, could another crisis strike now?
Though only a small city-state, events in Hong Kong should rouse Americans because of the threat to democracy there, and also the considerable risk of international financial and economic contagion. American investors…