Emerging Market Debt

If you're an investor around the world, where else you ging to put your money except us? Treasuries? In a market like this, you want to buy three % yield in us. And so as a result, a lot of dollars are moving out of emerging market debt into us. The price of that debt has collapsed. So we've seen in the last a couple of months a decline of emergingMarket debt of about 20%. This makes it harder for those countries to issue new debt to fun things,. It's crting this really challenging spiral that may ultimately lead to defaults.