I ended my last piece on Brazil’s depressing state with the following:

And the media in the developed world will dismiss all of this as Brazil being Brazil, South America’s basket case reverting to type. The siren song of globally synchronized growth has gripped all commentary, and they aren’t about to let it go now. Certainly not for the other side of the eurodollar when FOMC officials who despite their entire track record assure everyone there couldn’t possibly be anything wrong in banks, banking, and funding.

To wit:

This year won’t see a re-run of nightmare on EM street.

That’s the growing message from Wall Street, at least three of whose leading banks have been singing the praises of emerging markets, as well as more than a few money managers. And now, a former central banker has joined the chorus.