All of this talk about global "non-polarity" and "decoupling" was based on high and increasing commodity prices and a belief that domestic demand among Emerging Markets had hit critical mass.
Note the responses by these countries in the face of adversity, and compare them to the response from America. The fact is that we have the best set of stress-tested democratic rule sets in the world.
and we will see more of the below from those countries that lack the institutions and rules to effect rapid change.
04Feb09 RTRS-RPT-FITCH DOWNGRADES RUSSIA TO 'BBB'; OUTLOOK NEGATIVE