As I expected, the Lame Stream Media is downplaying the emerging markets of Brazil, Russia, India, China and South Africa. What else can they do to keep the sheeple from panicking, at least for now? We Boomers, who grew up during one of Americas highest economic growth periods are used to King Dollar as the reserve currency calling the shots with the rest of the worlds economies. The fact that the BRICS nations are bypassing the dollar as the reserve currency or petro dollar and agreeing to trade in their own currencies makes us feel like the new kid at an unfamiliar school.

But as upsetting as that might be, what I find most disturbing is our so-called friends agreeing to trade with them around the dollar as well. France, Great Britain and Canada have, so far, jumped on that financial bandwagon. Actually something like 180 countries are poised to follow. It's starting to feel a little lonely around here. It looks like some of these other nations have had quite enough of Americas bullying attitude and have found a way to neutralize or at least marginalize our influence.

Of course we contributed to our own demise by allowing corporations to leave our shores and set up shop in third world countries where they could take advantage of cheap labor and more lax environmental regulations. Not to mention not slapping a tariff on their finished goods imported back here. It pays to have politicians in your pocket. Now it seems the chickens are coming home to roost.

However before anyone hands out the blue ribbons, let's take a closer look at this picture. Does anyone else see what I'm seeing? Let's take China as an example. Their economy is actually less robust and more fragile than their GDP would indicate. While America and other world corporations moved their factories to China, basically to save a buck, I believe they, perhaps inadvertently, set China up for a fall.

Masses of farmers and peasants flocked to the cities for the higher paying jobs. Educational opportunities lifted the lower classes out of poverty as well. This established a larger middle class that expects far more than their parents generation did. Add to that China's 'one child per family' policy so the aging population can no longer rely on a large family to care for them. They are also aware that, unlike us, they have no safety net in the form of social programs like social security and unemployment insurance. They are basically on their own. This means they tend to save much more and consume less than their American counterparts.

Now, throw into the mix the Chinese elite (read war lords) who expect their profits to continue rising (that would mean people consuming ever more of their goods)and you get things like China's now famous empty cities, still being constructed where no one lives or works except the construction crews. The political leaders don't want to rock the boat financially, especially if those projects are being promoted by friends or family.

The elite are also finding creative ways to secret money out of the country before the inevitable crash they see coming and you have a situation not unlike the French Revolution, in my opinion. I see China as a pot about ready to boil over. Will it happen this year? Probably not. They still have that three trillion in reserve and no national debt. You know, kind of like it was here under President Andrew Jackson when he threw the central bankers out of the country and paid off the national debt. I believe the Chinese, because of their centralized Communist government, financial corruption and rising middle class will eventually burst like any other Ponzi scheme. I don't know when it will happen, but I don't see any other possibility for them.

I see no way for China to re-balance the economy and income inequality without causing a sharp decline in profit and growth. I believe an open market and a state controlled economy is an example of antithesis in the extreme. When you see a relatively closed society like China has traditionally been, trying to compete on a capitalist stage, the results will force the government to throw on the brakes to avoid a financial calamity. When they do that, the people with the money will at the least, sit on it until opportunities improve or at the worst, move as much money/gold and themselves elsewhere. Just like in this country, people with money didn't get it by being stupid. When the investments don't look promising, they don't invest.

I would not want to predict the fallout from such a catastrophe, but it won't be good. It could even result in revolution. I'm hearing on alternative media sites of social unrest and even rioting in some parts of the country right now. How much worse will it get as a more enlightened middle class realizes the extent to which they have been had with the help of their political leaders? The other leg of that stool is an ever increasing educated youth. You can't be a sustained world leader without a highly educated population that is encouraged to develop and invent. Yet these same young people will rise up in revolt if they do not get their fair share of the pie. Expect it.

I believe the Chinese oligarch will flee China for better investments elsewhere as well as for cheaper labor to manufacture their goods. Because as the Chinese workforce becomes better educated and more used to the luxuries of the West, they will demand better pay/benefits and safer working conditions. You remember, those very things that drove the greedy elite out of our country in the first place. But not to worry America, soon we will be a third world country and can welcome the market capitalists back to our shores in search of cheaper labor. And they will be welcomed because those of us who remember the good old days of decent wages, good benefits and safe working conditions will be gone. At least from the work force.

For another perspective on China and the rest of the BRICS nations, go to: edition.cnn.com/2014/11/18/business/challenges-emerging-markets/index.html?htp=hp_c5