Is the Dollar Boom Creating a Debt Crisis in Emerging Markets?

In some of the more vulnerable pockets of emerging markets, there is already a debt crisis. Places like Ghana, Pakistan fall into that group. And I think that's the place you need to look for the real debt problems that are beginning to take place. If around the same time, we get some convincing signs that US inflation has finally peaked, I think one can envisage a scenario where the dollar starts to turn. But we are not there yet.