We haven't looked at the thoughts of my friend Nouriel Roubini for some time, but his recent analysis on emerging markets really needs to be paid attention to.

“There are many reasons to be positive about EMs, but their continued economic and financial success cannot be taken for granted in the next 10 years, as the external environment will be less favorable than it was during the past decade. EMs with relatively strong macro and policy fundamentals may partially decouple from more fragile EMs, better withstand global shocks and even benefit from stronger DM growth. But others are in for a bumpy ride over the next year or two, perhaps until more stable, market-oriented governments take over, leading to sounder policies that can encourage stronger growth, market stabilization and economic recovery.”