The third echo of the 1990s is the danger in emerging markets. Back then the problem was fixed exchange rates and hefty foreign debt. Now the debts are lower, the exchange rates float and most governments have built up reserves. Still, there are growing signs of trouble, especially in Russia (see article). But other commodity exporters also look vulnerable, especially in Africa. Oil accounts for 95% of Nigeria’s exports and 75% of its government revenue. Ghana has already gone to the IMF for support. In other countries the danger lies in the corporate sector. Many Brazilian firms are heavily indebted in dollars. A rash of corporate defaults may prove less spectacular than Asia’s sovereign-debt crises in the 1990s, but they will make investors nervous and push up the dollar.