Very important: "The VIX index was the barometer of deleveraging pressures in 2008, but now it is the dollar."
Lots of economic jargon in the BIS article, but it explains how deflation has been slowly ripping through the global economy since 2008. Lines up with what Snider at Alhambra has been saying. See http://www.alhambrapartners.com/2016/02/23/the-eurodollar-decay/ for an example of his thesis.
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