BlackRock Portfolio Manager Gerardo Rodriguez recently appeared on “Bloomberg ‹GO›” to discuss the risks that emerging markets pose to the US economy. Dollar denominated debt was discussed, but it was also pointed out that this is a problem that’s highly concentrated in some economies like China and to some extent in Brazil and Turkey. Most of this debt has also been associated with commodities – specifically the mining and energy sectors where debt has helped to fuel overcapacity. Rodriguez thinks its going to take time before these excesses are worked out of the system.
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