``Why are we seeing this major pressure in emerging markets?  People are worried about these countries' ability to repay.  This fear was triggered by the Fed's tapering announcement.  Most of these nations have very low reserves in relation to external debt, and they are totally dependent on rolling over the loans... the Western central banks will probably try to defer this by doing what Lagarde of the IMF just suggested.  She said that `deflation is disastrous for a global recovery.'  Of course the heads of central banks know this.  This is why they will increase QE worldwide. It's only a matter of time before the Fed reverses tapering and increases QE.  ''

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