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Is the world all right?

Tuesday's action in the financial markets may have been the best "tell" of the year.

Despite the constant drumbeat of doom that overhangs the market, from an economic winter of discontent in the U.S.; to geo-political disruptions, from Kiev to Caracas, to "geonomic" concerns from Beijing to Brazil, the markets are sending a much more benign set of signals than headlines would suggest.

The Ukrainian elections yielded a favorable result with the pro-European Willy Wonka candidate Petro Poroshenko, who with his own multi-billion dollar fortune, might just be Ukraine's much-needed candy man.

U.S. economic data, particularly in housing and consumer confidence, has perked up of late, with Tuesday's durable goods orders reinforcing signs of "green shoots" in spring.

Artur Marciniec | iStock | Getty Images

In addition, many expect central bankers in Tokyo, Beijing and Brussels to do more to get their respective economies on track, a welcome policy change that could strengthen, and synchronize, a global economic recovery.

Read More Investors jittery about global economy: Here's why

As a result, the S&P 500 hit a new, all-time high Tuesday, along with the Dow Transports while the Industrials were a scant few points away.

Interest rates remained quite steady, as did the value of the dollar, while the "safe-haven," gold, plunged to a 15-week low, down $24 for the day.

One can spend hours, days, or even weeks, lamenting the state of the world. In fact, some pundits make good money calling for "Dow 3,000," or "Gold $5,000."

In my humble opinion, there are either serious "Dents" in their logic, or they are completely full of Schiff!

It's true that there is plenty to worry about with respect to the world in which we live. There is no shortage of crazy people out there trying to do us harm, locally in some cases, globally in others.

Depending on one's particular point of view, sea levels will now inexorably rise 12 feet over the next 100-200 years, rendering coastal cities from Manhattan to Miami to Mekong entirely uninhabitable.

Read More How US cities are preparing for rising seas

The resulting planetary and humanitarian crisis will be staggering—if current beliefs hold true. The latest news on the rapidmelting of the West Antarctic ice sheet suggests that is a virtual certainty. Not everyone believes that, but if it's true, we're certainly not doing much to make the world a safe place for our children and grandchildren in which to live. I think the jury is out, but if wrong, shouldn't at least, informed investors be expressing their concerns with their wallets?

Moscow and Kiev could still explode into a full-blown shooting war in which Vladimir Putin's imperialist tendencies threaten the world, with both hot and cold running wars and the risk of nuclear escalation.

China could experience an unexpectedly hard economic landing, laying waste the driver of modern, globalized trade.

Read MoreWill China's slowdown benefit the rest of the world?

But that's not what the markets appear to be discounting. At the risk of sounding Pollyannaish, it's almost as though markets, not just the stock market, are pricing in something of a Goldilocks scenario, at least in the U.S.

I know I have been roundly criticized for looking on the bright side of life, of late. I have argued that the stock market is NOT in a bubble; the U.S. is on course to recapture global economic supremacy, and that innovation here at home will be a positive force for years, if not decades, to come.

Very few people hold those beliefs today. They argue the market is dangerously over-priced, that leverage and speculative excess is building in the system which will lead to yet another major financial crisis.

But has anyone stopped to notice the spate of articles discussing how regulators are beginning to use the principles of "macroprudential regulation" to dissuade banks from over-levering in the loan market and the buyout arena? This is a MAJOR development! Rather than using the blunt tool of interest rates to discourage speculation, or excessive leverage, the Fed and other overseers, are proactively reaching out to financial market participants to keep them from creating an environment in which chaos ensues again. Some say it's already too late, I say that's the right way to keep banks and financial institutions from threatening the economy with more risky business.

The Securities Exchange Commission wants to move stock trading back toward exchanges, as opposed to dark pools and electronic communications networks, or ECNs, a welcome development to us Luddites who prefer people and transparency.

To put it more succinctly, think about it this way: The great debate that appears to be going on inside the Federal Reserve centers on whether inflation is too low (Cleveland Federal Reserve) or if actual employment—not unemployment—is being understated by broad measures of labor market activity (Richmond Federal Reserve).

Read MoreFed's Kocherlakota: Below-target inflation signals big problem

Among the domestic economic debates to have, this would be the most benign in recent memory. The bond market clearly reflects a sort of stasis in which inflation is benign and employment is not creating the beginnings of a damaging wage/price spiral.

We can worry forever about everything else, but when the argument comes down to a couple of relatively few variables, the world is probably all right.

Commentary by Ron Insana, a CNBC and MSNBC contributor and the author of four books on Wall Street. He also delivers a daily podcast, "Insana Insights," and a long-form weekly version, both available on iTunes and at roninsana.com. Follow him on Twitter @rinsana.

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