Newsweek predicts: “The US Economy Faces the Guillotine”. “The Great Global Market Freak-Out of 2008 has everyone asking whether the United States—already on the road to recession—is entering into a protracted period of economic trouble.” No, it’s not the Depression, Nouriel Roubini, professor of economics at New York University’s Stern School of Business tells Newsweek, “But in terms of systemic risk and the risks of a financial meltdown, you almost have to go back that far to find a good analogy.”

Newsweek describes the malaise in psychological terms: “Judging by the recent mood swings, the global economy can be diagnosed as manic-depressive”. Still, there is hope for others, all because of what economists call “decoupling.” Decoupling? “Even as the globe’s economic engine, the US, has stalled, optimists believe the train cars it has been pulling for the last several decades, especially emerging markets like India and China may finally be able to chug.”

Two thoughtful articles related to India appear in The Economist and The New Yorker. The former looks at a new “Indian mutiny” in Malaysia. It argues that Indians have lost faith in the country’s social contract. “The two minorities (Chinese and Indian) were given citizenship in return for accepting that ethnic Malays and other indigenous groups, would enjoy privileged access to state jobs and education. But whereas the majority population have, with official help, started catching up with the Chinese... the Indians still have few assets.” Furthermore, “creeping Islamisation” has led to attacks during Hindu festivals and on temples. This could lead to a violent confrontation between the races.

The New Yorker say yes to Nano and ‘The Tata Invasion’. James Surowiecki explains that when the company bid for Jaguar and unveiled the cheapest car in the world, everyone asked “Who?” Tata has made most of its fortune at home and in developing economies, “while selling to people who are still pretty poor.” This marks a fundamental change from the past: “Today, the economies of developing countries are still only a fraction of the size of Western economies, but many nonetheless have growing middle and upper classes with disposable income”. For Americans and Europeans who are shocked by the cheek of it all, Surowiecki has a cautionary reminder: “When we persuaded developing countries to open their doors to us, we also opened our doors to them. Now they’re walking through.”

Time magazine is feeling less than romantic. In its cover story “Science of Love”, it reduces that four letter emotion to a combination of smell, taste and “oxytocin”. “If ever there was a substance designed to bind (couples), it’s oxytocin.”