I think a lot of the upsurge in Emerging market prices is due to Globalization. All those exported goods & services are generating cash flows and increasing wages & purchasing power. That may get slightly negatively impacted by US recession, but not much. After the last recession, US businesses increased outsourcing and I expect same thing this time. In fact, if there is a severe recession, I think the Big three Autos may entirely move the production offshore (like consumer electronics or textiles). That has to increase valuations of emerging market assets.
