BUSINESS DAY: "Developing World Seen as Engine for Recovery," By NELSON D. SCHWARTZ and MATTHEW SALTMARSH, New York Times, June 25, 2009.

OECD prediction for next year: the BIC (BRIC minus Russia) lead. The Economist has started referring to the BIC v. BRIC (or just Brazil, India, China).

So some version of de-coupling is real, at least on the upside (recovery).

U.S. predicted to shrink almost 3% this year and grow nearly a percent next.

Personally, I welcome the development greatly. We have long complained that the global growth engine can't be solely the U.S. consumer.