Video of the day: Charlie Rose interviews Nouriel Roubini, Ian Bremmer on World Economies

In this update on the global crisis, Charlie Rose discusses “the new abnormal” with political scientist Ian Bremmer and economist Nouriel Roubini. Together they explore the global economic and political climate in terms of the rapidly shifting balances along axes of stability/instability and equilibrium/disequilibrium. They discuss the anemic growth in advanced economies and its effects in the emerging markets of areas such as South America and Asia, and the knock-on political effects on political systems, particularly in less consolidated, legitimized and capable governments, including some in the Middle East. The worsening recession and effects of austerity in the Eurozone and moving past the “decline” discussion brings the Asian market into the focus of the interview, including the issues of food security and foreign investment and its effects on the American economy. The global energy economy and the role of natural gas is explored, taking into account China’s role in oil producing countries, Russia’s economic stagnation from lack of forward-thinking diversification, South America’s surge of exports, and the political effects of China’s increasing investment in Africa. Japan’s somewhat humbling revisions of trade and investment policies and the role of Turkey’s political climate as applies to its role in the global geopolitical sphere are touched on, as well as the impact of the rising power of central banks, owing to their greater control via monetary policy. Finally, they briefly explore ideas about China’s shifting views on the efficacy of state capitalism, and the need for China to take a greater share of global responsibility as a financial stakeholder, rather than as, effectively, a freeloader. Roubini, at one point, expresses his shock at negative interest rates, something Charles Eisenstein delves into in Sacred Economics.

It’s fascinating stuff and, at the same time, somewhat disconcerting. I felt an odd sense of disconnection as they discuss shale-oil and the TPP with unflappable certainty, unquestioningly regarding both as “positive developments” while simultaneously decrying China’s growing environmental footprint. Here’s the video:

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