Currency debasement is just beginning in Japan according to Russell Napier, and there is no Plan B for the Bank of Japan. Emerging markets are in a vice, due to the declining Yen and rising US dollar. Cris Sheridan and Russell discuss the potential threats to the emerging market countries, and why Turkey may act as “the canary in the coal mine”. Russell notes how a rising dollar is forcing some emerging market countries to pay back some of their debt, and how this usually ends with a debt default. Russell also comments that the world has never seen both public and private debt at levels like those today, and there are countries where even 0% interest rates are too high. Russell Napier, is an independent strategist at and co-founder of ERIC, an online platform for the sale of high-quality individually priced investment research. He is also the author of “The Solid Ground,” a global macro report originally published by CLSA and now published independently.