Introduction

John titus and catherine auson fitz, we've had a two weeks interval. The theme is stepping into the dollar bear trap. We have the us Dollar index rising much more than expected. A lot of people won out of bonds and into cash. So many in the emerging markets have borrowed in the dollar. And now suddenly you have sort of stagnation scenaria where the dollar, the price of the dollar, is rising but what it takes to earn dollars to pay your debt isa getting harder and harder.