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Role reversal

Weekly investor research

12 October 2015

The rise of the USD in the past few years is now helping to restore competitiveness in Emerging Markets (EM) countries, while the US now faces exactly the type of issues many argued posed a threat to EM countries a few years ago, namely an overvalued exchange rate, lack of reform, a current account deficit and declining productivity. Roles have been reversed. The slowdown in global growth can mainly be attributed to the severe misallocation of global capital caused by Quantitative Easing (QE) policies.

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