4. A video of Bi Fujian, a popular television host, poking fun at a song from a Cultural Revolution-era opera about the Chinese civil war, with his own critical asides about Mao and the Communist Party, appeared online in April. Despite the government's efforts to contain its spread, it circulated widely, with some commenters defending Mr. Bi's opinions and his right to express them.
5. The second chart shows the real federal funds rate (ie discounting for inflation) and the real natural rate. Again, when the federal funds rate is above its natural rate, EM crises are more common.