Doug Noland: "Only for Wonks"

``Of late, talk has been that the ECB's balance sheet would come to the rescue. Count me as deeply skeptical of all the bullish ECB "QE" liquidity propaganda. As such, I see a world of somewhat waning liquidity abundance with an increasingly destabilizing King Dollar bias. There's risk that escalating EM stress and attendant "hot money" outflows lead to a self-reinforcing de-risking/de-leveraging dynamic. EM companies and countries at this point have way too much dollar-denominated debt. At some point, contagion might negatively impact market expectations for the global economy at large, perhaps leading to a more generalized global "risk off" backdrop. ''