It's Hard To Look At These Photos From Indonesia And Brazil And Not Worry About A Much Bigger Emerging Market Blowup

The protests in Turkey continue to dominate the attention of media, but today there were two other protests in red-hot emerging markets that warrant your attention, especially since the basic narratives are fairly similar.

In Indonesia and Brazil — where governments are hoping to pursue fiscal consolidation — protests have turned violent.

In Indonesia the issue is the initial driver of protests is the removal of a fuel subsidy.

In Brazil, it's over an increase in bus fares, as well as general frustration over inequality, and the money being spent on next year's World Cup.

Both — along with other emerging markets — are experiencing slowing economies, sharply weakening currencies, rising interest rates, and generally a squeeze related to both financial and structural conditions.

The following four images, and descriptions, are from the AP.

The first two are from Indonesia:

A student protester fires a firework at the riot police during a rally against the government's plan to raise fuel prices outside the parliament building in Jakarta, Indonesia, Monday, June 17, 2013. Indonesia's parliament is expected to approve a budget that will slash government fuel subsidies, a move that will save the government billions of dollars but has already sparked angry protests opposing increased gasoline prices.

Student protesters hurl rocks at the riot police during a rally against the government's plan to raise fuel prices outside the parliament building in Jakarta, Indonesia, Monday, June 17, 2013. Indonesia's parliament is expected to approve a budget that will slash government fuel subsidies, a move that will save the government billions of dollars but has already sparked angry protests opposing increased gasoline prices.

And from Brazil:

Protestors march in Rio de Janeiro, Brazil, Monday, June 17, 2013. Protests in Sao Paulo, Rio de Janeiro and other Brazilian cities, set off by a 10-cent hike in public transport fares, have clearly moved beyond that issue to tap into widespread frustration in Brazil about a heavy tax burden, politicians widely viewed as corrupt and woeful public education, health and transport systems and come as the nation hosts the Confederations Cup soccer tournament and prepares for next month's papal visit.

A policeman lies injured on the ground after clashing with demonstrators during a protest in Rio de Janeiro, Brazil, Monday, June 17, 2013. Officers in Rio fired tear gas and rubber bullets when a group of protesters invaded the state legislative assembly and threw rocks and flares at police as protesters massed in at least seven Brazilian cities Monday for another round of demonstrations voicing disgruntlement about life in the country, raising questions about security during big events like the current Confederations Cup and a papal visit next month.

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