Just because facts are ignored, does not mean they cease to exist. Now Wall Street is faced with the realities of inflation being a global problem. Vietnam was foreshadowing this for some time now, and their stock market has been crushed as a result.
To say that "its global this time" but to ignore that there could be negative implications associated with that reality, is analytically irresponsible.
Vietnam's inflation rate for the month of June, which is one of the only June reports we have in hand other than India's, shot higher again to +26.8% year over year.
Particularly when it comes to basic consumption demand (oil, rice, corn, etc...), analysts have to agree that the global marketplace is as interconnected as it has ever been.