Thailand's New Laws Could Spur ETF Panic

This is why so many of the ancient societies of Asia still have "emerging" markets. You're apt to wake up one morning to discover that Rufus T. Firefly -- the dictator played by Groucho Marx in the movie Duck Soup -- is in charge of the economy.

Witness Thailand, where the new government -- which seized power in a coup only a few months ago -- plunged its country's financial markets into chaos earlier Tuesday by slapping hefty penalties on foreign investors.

The Bangkok stock exchange plunged 15% on the news, after earlier falling as much as 20%, while the aftershocks spread across other emerging markets. ...