Those that argued emerging economies would prosper and decouple from a western world slowdown should now be hanging their head.

International markets that were happily coupled during the expansion from 2003-2007, are now still painfully coupled in the ongoing contraction. John Authers brings us some excellent charts today in "Decoupling thesis is wide of the mark." Watch the clip here.

It would seem that the bear market of 2007 is still very much in process around the globe. One cannot help but feel sadness for the hopeful emerging market investors in places like China that were lining up around the block last year to open their on-line trading accounts with borrowed money as capital. With some Asian markets now down more than 50%, the experience has undoubtedly been brutal. See Shanghai index below 3,000.