Within each of these currency regimes there are typically two to four big debt crises—i.e., big enough to cause banking crises and debt write-downs or devaluations of 30 percent or more—but not big enough to break the currency system. Because I have invested in many countries for nearly half a century, I have experienced dozens of them. They all run the same way, which I explain in greater depth in my book Principles for Navigating Big Debt Crises.
