MEXICO NEEDED AN OUNCE OF PREVENTION
"Lessons from the peso scare" (Editorials, Feb. 13) misses the point: Mexico's growing imbalance was allowed to continue for a very long time without comment by responsible international organizations.
What's necessary is not a system for bailing out countries following collapse from inappropriate economic policies but a system for timely identification of imbalances so that changes can be made and market forces can impose their own discipline.
Howard G. Schaefer
Schaefer Brothers Ltd.