A rout!

A disgraceful rout.

Well? A complete rout.

The Emerging Market Currency Rout

Every effort against their otherworld antagonists ended in the same rout.

Throw out lightning, and scatter them. Send out your arrows, and rout them.

Throw out lightning, and scatter them. Send out your arrows, and rout them.

It was the beginning of the rout of civilization, the massacre of humanity.

Yet there's a sincerity to their emotions and sudden reactions that puts our reason to rout and turns our plans upside down.

Nathan Boyle fired home early in the second half and Schubert hammered in the fourth before Keith Ward's late lob completed the Finn Park rout.

India s humiliating rout hastened the death of its prime minister, Jawaharlal Nehru but it also set in motion the country s military modernization and political rise.

In doing so, China s regulatory authority changed many well established rules of the game virtually overnight. And, while massive official intervention may have halted the rout, it could have permanently damaged regulators credibility.

In any event, China s power may be vast and rapidly growing, but it lacks the ability to compel. In other words, China does not have the capability to rout any rival militarily, let alone enforce its will on Asia.

PARIS France s military intervention in Mali is proceeding apace, with the recent fall of Timbuktu representing a significant milestone in the effort to rout the Islamist rebels who took control of the north of the country. More broadly, the intervention s apparent success underscores three key points.

With exception of Yerevan Zvartnots airport, where a two rout system is used and declaration can be done both verbally and in written form, in all other cases physical persons crossing the Republic of Armenia customs boarders shall present physical person's customs declaration in written form.

In this manner, China s government managed to stop a rout, seemingly reinforcing the Marxist view that economic and financial crises do not occur in controlled economies. Indeed, China s leaders seem convinced that price keeping operations amount to an effective mechanism for manipulating stock prices in whatever way they see fit.

But the fall in housing prices is unlikely to turn into a rout, because real demand for houses will remain strong after speculative demand is driven from the market. As soon as housing prices fall to an affordable level, buyers will enter the market and set a floor under the decline.

China s real estate investment accounted for 10 of GDP, and slower investment growth in the sector necessarily reduces import demand, directly and indirectly. But, because the fall in import growth had yet to turn into a rout, while China s exports to Europe plummeted, China s current account surplus fell further in GDP terms in 2011.

Within weeks of assuming office, Obama publicly declared his intention to withdraw US forces from Afghanistan, before he even asked his team to work out a strategy. A troop surge that lasted up to 2010 was designed not to rout the Taliban militarily, but to strike a political deal with the enemy from a position of strength.

In fact, the risk of becoming locked in a protracted, low intensity war against militancy and warlordism is likely to outweigh any geopolitical advantages that the US would gain from military bases in the country. After all, the terrorist havens and command and control centers for the Afghan insurgency are located in Pakistan undercutting the US military effort to rout the Afghan Taliban since 2001.

And this is precisely what the PBOC did on August 12 13, when stronger than expected depreciation pressure and surging devaluation expectations raised the risk that the planned one off exchange rate adjustment could trigger a rout. So the PBOC informed the market that the depreciation would not exceed 3 a credible statement, given abundant official reserves with which to stabilize the exchange rate.

Beyond issuing a flurry of administrative orders, it did little to interact with investors and the market, lacking the means to solicit public opinion and advice. It was only when the rout was in full swing that the PBOC recognized what was happening the CSRC had been unable to turn the tide alone and declared that it would step in to capitalize the market.

For example, following Vietnam s partition in the wake of France s defeat at Dien Bien Phu in 1954, Ngo Dinh Diem, Vietnam s last non Communist president, was able to turn to the US military for support. However, staggering levels of corruption under Diem and his US backed successors, and the replacement of the military s most competent commanders with Diem s cronies, ultimately led to the rout of the South Vietnamese Army.