East and West headed for decoupling

The decoupling debate is back and with renewed vigour. Markets in Asia are not falling as much as in the west and the rallies are seeing full participation too. There has been a general feeling for the past few years that the east will take up the mantle of economic leadership from the west. How this would translate on the ground no one had any inkling. I think we are seeing that unfold. I feel we are making history and the much vaunted decoupling is happening before our eyes. This is an event of unmatched magnitude. We have already seen the scale of economic damage in the U.S. Never before heard scenarios are becoming realities. Very often some movies are derided for outlandish scenarios, but I for one have always believed that many of those scenarios from Hollywood movies do happen in real life. Dinosaurs became extinct and the shifting of economic power probably rivals that in magnitude. It will alter the way we think and the way we do our business. Our lives will change irrevocably. But the question is, are the new economic superpowers ready to take leadership? Can we provide better leadership than that shown by the Americans? Will we use that power responsibly? These and many more such questions should top the agenda of policy makers in countries ranging from China to Indonesia. One thing is for sure, life is never going to be the same again.