The Real Decoupling in Emerging Markets

Have emerging markets really decoupled from the U.S.?

Jonathan Garner, head of Global Emerging Markets Equity Strategy at Morgan Stanley(MS), gave some thoughts on why emerging markets could decouple in the face of a U.S.-led global slowdown, speaking Tuesday on "Asia Squawk Box" on CNBC World.

Garner noted that emerging markets comprise 30% of the world economy and provide 60% of the world's growth. The relationship the U.S. now has with emerging markets (that the U.S. needs them to buy Treasuries) has essentially changed the balance of power favoring the emerging markets.

Garner says the U.S. and Western Europe need the help -- not the emerging markets -- which is a 180-degree turnaround from the crises of 1997 and 1998. ...