NEW YORK ( ETF Expert) -- People are feeling better about spending money. Similarly, investors are feeling better about risking it.The problem is, whenever people begin to feel wealthy due to a faulty premise (i.e., the U.S. Federal Reserve can keep buying bonds to depress interest rates without longer-term implications), they may spend more than they have. Others may blindly chase investment gains without recognizing the actual risks. For example, all of the hoopla surrounding the three-month monster rally for U.S. stocks (9%-10%) ignores a disconnect with markets around the world. Recent asset class performance data from Bespoke Research show the largest emerging market economies (e.g., Brazil, Russia, India, China, etc.) collectively logging a loss of -4%. Meanwhile, Vanguard MSCI Europe ( VGK) only managed a meager 1% in the first quarter. And there's more. The massive quantitative easing by Japan is causing the currencies of other export-dependent economies to appreciate against the yen. This may have an adverse impact on those export-dependent nations. For example, currency concerns are a contributing factor in the declining fortunes of iShares MSCI South Korea ( EWY).