Why blame the Russians?
Edward Luttwak: The financial crisis in Russia, September 1998, 17 September 1998
“... new mutual funds hurriedly set up in the Nineties to exploit the foreign-investment boom. These young and inexperienced traders had only the vaguest ideas about the Russian economy – or anything else which did not appear on their computer screens – and one of the many things they did not understand was how small Russia’s total debt was as a percentage ... ”