Rising interest rates will be a major, if not the major factor. Emerging markets borrowing in $US means their payments increase exponentially with every point

Rising interest rates will be a major, if not the major factor. Emerging markets borrowing in $US means their payments increase exponentially with every point increase. The euro is a shit show of debt and QE. Add rising rates and the house of cards shakes hard. But, your points when added to that mix create a primordial soup of new paradigms...