It is clear to see why investors place so much emphasis on the oil price as a dictator of Russia's financial health. Supplying some 11.4% of the world's oil supply last year, Russia is the "biggest single source outside the OPEC cartel."
In the span of just ten months, key developing countries have accomplished what they could not achieve in the previous half a century: They have shouldered aside the staid 7 nation club to take a seat at the table.
Chanos and Paul Singer briefed prominent policy officials about the growing financial instability. They told officials that banks that were about to sink the global economy. They called for decisive action. And they were ignored.
American media, especially cable TV news, is moving more into infotainment mode, stuck on a few areas. Geopolitics has never been its strong suit, and political coverage is mostly focused on food fights.