One of the most painful ways for a country to experience the risks of the international monetary system is to have a full-blown currency crises. This usually takes the form of fears of a devaluation, panicked selling of the country's currency, ultimate devaluation, followed by a prolonged period of 'austerity' brought by higher taxes, higher interest rates, and lower government spending. There have been many such crises since the 1990s: Britain, Mexico (early 1990s); Russia, Thailand (late 1990s), Argentina (early 2000s), Iceland (late 2000s), Venezuela (late 2010s). But a currency devaluation, while painful, is often a great help to a country's rapid recovery -- the cases of Argentina and Iceland are relevant here. Pick some currency crises over the last 30 years or so and discuss with reference to the models we've covered in class.