The bulls feel their time has come again. After years in which the time of debate has been set by those worrying about the US trade deficit, and loose monetary policy, some are now starting to talk about a new “golden era”.
A key component in the bullish case has been the turnaround in the fortunes of the emerging markets, led by China. From being simply a free rider on the back of global growth, emerging markets have turned, say the optimists, into a significant positive factor.
