| The world is more dollarized today that any time in history, and therefore at the mercy of the US Federal Reserve as rates rise. You would not think it possible that an Asian sovereign wealth fund could run into trouble too, but Malaysia's 1MDM state fund came close to default earlier this year after borrowing too heavily to buy energy projects and speculate on land. Its bonds are currently trading at junk level.
It became a piggy bank for the political elites and now faces a corruption probe, a recurring pattern in the BRICS and mini-BRICS as the liquidity tide recedes and exposes the underlying rot...............................................Full Article: Source
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