Niall Ferguson: America’s Global Retreat. Niall Ferguson, February 27, 2014, Opinion. “Since former Federal Reserve Chairman Ben Bernanke uttered the word “taper” in June 2013, emerging-market stocks and currencies have taken a beating. It is not clear why talk of (thus far) modest reductions in the Fed’s large-scale asset-purchase program should have had such big repercussions outside the United States. The best economic explanation is that capital has been flowing out of emerging markets in anticipation of future rises in U.S. interest rates, of which the taper is a…” May require purchase or user account. Link verified August 21, 2014