A year ago, when the Chinese stock markets were allowed to exist in a parallel universe, many suggested that perhaps China, growing ever stronger and stronger, was "decoupling" from the West. China would follow its own path, the thinking went, and leave the West behind in the dust.

Not quite. Hong Kong's local Hang Seng Index, like those in Shanghai and Shenzhen, has taken a free fall. Like it or not, our fate is still tightly tied together with the U.S.

There's no doubt that the American style of capitalism is suffering a major setback. But like democracy, while it was never perfect in the first place, it still is the best model we have. Its strength lies in its strong ability for self-correction.

I have no reason to believe it won't recreate itself, and for the better, this time. The U.S. will remain the model for the world until a better one can be found.