$1 Trillion In Capital Has Flowed OUT of Emerging Markets In the Past 13 Months
"Double the rate of the Global Financial Crisis"
Collapsed commodity prices are no longer high enough to support the debt that was accumulated over six years. Debt service is rising due to currency depreciation. Capital outflow is exacerbating the liquidity crisis...
EM Stocks and oil stocks:
Aussie / Yen
The unwind is accelerating
Global growth -> Commodities -> Currencies -> Yen -> S&P Futures