Are we on the verge of an EM meltdown? It seems unlikely despite a spate of recent pieces making that argument, most of which we chalk up to journalist boredom during some of the slowest days of the year for global markets. After all, nobody enjoys a spell of doom more than our pals in the press (except maybe the ghouls who produce television news). Witness the Wall Street Journal’s “The Calm in Emerging Markets Suddenly Broke,” which picks up on the first net weekly outflow of funds from emerging markets in months to beat the Drum of Impending Doom, only to conclude with a quote from the good people at the IIF suggesting, “We remain relatively optimistic about the outlook for emerging-market capital flows. However, the pace of emerging-market inflows…does highlight the risk of periodic setbacks.”