Remember When the BIS Was Warning That A Strong Dollar Would Wreck Everything?

Me too! We posted it on Sunday Dec. 7 as "Evans-Pritchard: 'Dollar surge endangers global debt edifice, warns BIS'" and noted:

Two quick points*:
1) This is the second BIS warning in under six months.
2) It is very dangerous to borrow in a currency other than the one in which you earn your income.

Here's their first warning, six months earlier: "BIS: 'Overall, it is hard to avoid the sense of a puzzling disconnect between the markets' buoyancy and underlying economic developments globally'"

Here's the BIS press release and the Quarterly Review.

Although the Bank was focusing on Emerging Markets holding dollar denominated debt there are some other problems as well.

You really don't want to be Brazil.

Alphaville's Izabella Kaminska also picked up on how important the BIS heads-up might be:

Oh Crap: There's An Oil Angle In The BIS' Warning On Market Instability
"In Which Izabella Also Comments On Russia and Foreign Liabilities" 

The spot dollar index, which closed at 89.041 on Dec. 8 is at 94.5590 right now.

Recently:
"Dollar index hits 11-year high on strong jobs report"
Dollar and Oil Charts
A Primer on Oil's New Math

Also, from late November:
Evans-Pritchard: "Dollar smashes through resistance as mega-rally gathers pace"
"Dollar's Next Leg Up"