I'm guessing that self-proclaimed economist masterminds Varney and Doocy haven't been paying attention to people like Mohamed El-Erain - perhaps because he has a terroristy-sounding name? Maybe?
The world of yesterday was a world of tidy categories. On the one hand you had industrial countries, advanced economies. On the other hand, emerging economies.
The first were the core of the system they held the system together. The second, emerging economies, were at the periphery and tended to be crisis prone.
You've likely heard economists and people on business networks talking about "the new normal". Well, that's El-Erain's term. Here's what NPR was talking about him and his vision of the world economy yesterday afternoon. It's certainly worth listening to, as El-Erain knows more than most people who claim to have all the answers on how to heal the economic crisises that are plaguing us now.
In the new normal, El-Erian says, the traditional major players like the U.S. and Germany will have less influence. And the likes of India, China and Brazil will have more.
The shift will be turbulent. But, El-Erian says, the end result will be a more stable global economy.
"It is better to have many locomotives of growth in the world," he says.
Modern American economic theorists thrive on this notion of mandatory growth, no back-sliding. And as I've stated before, I'm no economist, but you have to wonder what that type of pressure, when applied at a continual and fierce pace, does to the stability of not just your nation, but the entire world. The power structure shifts in all areas. There is a nuance to world economics, from my point of view, that people are ignoring and not even attempting to compensate for. Then again, far too many people in America get their financial advice from people like Stuart Varney, Sean Hannity, and Glenn Beck.
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