Memo to Brazil, emerging markets: Congrats on Olympics -- now buy stuff!

Globalization has seen the rise of Brazil, China, India, Argentina, and many other emerging markets, as increased trade and broadened linkages with the developed world and with countries in the developing world has lifted hundreds of millions of emerging market citizens out of poverty, while simultaneously creating new middle classes in each region.

Now some advice to Brazil and other emerging market giants: with increased income and wealth and comes increased responsibility. That's especially true today, due to the pronounced recession and greater role emerging markets like Brazil must play in order to end it.

The reason? There are strong indicators that the previous globalization engine of growth -- U.S. consumers -- will not be buying enough goods to create adequate U.S. GDP growth, let along adequate GDP growth for the global economy. In other words, it's going to take the middle and working classes of Brazil, China, India, Argentina, Russia, Mexico, and others, along with the United States, to create enough demand to get the global economy revving again. Absent that demand from emerging markets, it's hard to envision a scenario of 5% annual global GDP growth -- a GDP growth level the world needs to create enough jobs and expand prosperity.

So the memo to Brazil and the emerging markets, post-Olympic site win, is obvious: congrats! Now build, grow, expand, create demand, and above all, buy stuff to help the world economy grow! (Hopefully, some of that stuff will be from the USA.)