The world economy has bifurcated, which creates powerful crosscurrents as each segment deals with different challenges. The debt-ridden, legacy economies of the West need to deleverage, while the capital-rich emerging economies need to manage growth, capital inflows and inflationary forces.

Meanwhile, Act II of the Global Financial Crisis appears to be playing out, albeit in slow motion, with an epicenter in Europe. Fears of a Lehman-like collapse in that region abound, but global economic conditions are much different than in 2008. For example, bellwether commodities like corn, copper and crude oil do not reflect the crisis mentality.