I regularly read Niels Jensen’s monthly letter, and he usually manages to deserve that attention. This month’s letter was exceptional. In “If only we could blame China” he challenges the widespread belief that the steep fall in commodity prices is all about the economic slowdown in China; and he arrives at the conclusion that high and rising debt levels amongst corporates in emerging markets in combination with a strong US dollar – particularly when measured on a trade-weighted basis – is a more likely cause.