The document discusses the current state of emerging market economies and the US economy. It notes that the economic momentum in both the US and other OECD countries is currently in an upward phase. It also discusses potential risks on the horizon, including high debt levels, a flattening yield curve, rising recession risks, and dependence on foreign financing for some emerging markets. The document analyzes factors that could impact future economic growth, such as a potential US tax reform, China's credit growth, and volatility in commodity prices.