Actually, you are wrong. The BRIC Index (Brazil,Russia,India,China) has been looking extremely good lately because those countries are looking internally and using their "stimulas" monies to build their infra-structure, manufacturing, and services within their own borders - much like America originally did.
While I believe Russia should be excluded from the BRIC Index because they are completely dependent on oil (little manufacturing and practically no services), Brazil/India/China have other resources and capabilities and are spending their import dollars on building up their economies. China, alone, expects a 6.3% GDP this year, which is down from their usual double digit GDP . What is the US or Europe Expecting?...negative numbers, still.
I hate to say it, but those Nations are the future of World growth, and there are other nations where Western investors will help (Chile, Israel, Viet Nam, etc). Emerging market equities is where the money will be made if you do your homework. If you prefer not, there are always ETF's. Exchange Traded Funds (mutual funds) will make make money, also.