There’s no doubt about it: the global economic recovery is happening. However, every region is recovering at its own pace, which means investors could see some uneven moves in the months to come. The varying levels of recovery should play out in exchange traded funds too.

World Economy Watch breaks down the world’s regions and susses out who will be the recovery’s leaders while we provide some ETFs you can consider to play along:

Risk has returned to global markets as participants grasp that the central banks' quantitative easing and massive stimulus have failed to reset the clock to 2006.

Right now there is a forecast for every possible market move. The dollar is about to turn down and gold is about to race higher; or, gold is about to fall to $700/ounce. The global markets are about to embark on a crushing Wave 3 decline to new lows, or the lows of 2009 will not be revisited in our lifetime.

And so on. Nobody knows what's going to happen. If it were easy to predict the market's gyrations, we'd all be millionaires.

On Saturday, a reader left this link from DealBook about Burton Malkiel's thoughts on active management along with the other side of the discussion as observed by James Tierney from WP Stewart, an active manager running a very concentrated portfolio with an outstanding track record versus the market going back to the 1970s.

You've heard the basics of Malkiel's argument before: no one can consistently pick winning stocks and no one can consistently time the market. In addition to this difficulty, Malkiel also notes the problem of human emotions getting in the way. I imagine the argument in favor of active management is not new to you either. Among other things mentioned the active managers say that there are people who can consistently beat the market.