Kevin McCarthy used the term "EM-ification" at the Dubai leadership forum to describe how the U.S. is mirroring characteristics of emerging markets—such as volatile politics and institutional fragility—despite its developed status. https://www.gulfanalytica.com/key-insights-from-kevin-mccarthy-on-global-sovereign-debt-political-polarization-and-emerging-market-trends-at-aim-summit-dubai