US poised to become world's only superpower

The U.S. is poised to become the sole economic superpower in the world.

I call it "Fortress America."

I've been traveling around the U.S. for the past 18 months and have noticed enormous changes. They're not driven by the Federal Reserve's easy money policies, although many of the positive changes taking place in energy, manufacturing, technology and retail sales could not have happened if the Fed, namely Ben Bernanke, had not saved the economy from another Great Depression.

A gas flare is seen at an oil well near Williston, North Dakota.
Getty Images
A gas flare is seen at an oil well near Williston, North Dakota.

I was happy to find, on Sunday, as I moderated a panel of top performing hedge-fund managers that, they too, see good things for the U.S. in the years ahead.

I base my outlook on four legs of an economic stool:

* The energy revolution
* A manufacturing renaissance here at home
* Rapid technological innovation
* A major recovery in residential real estate

(Read more: Pimco: U.S. economy to grow in future)

Many of these factors are beginning to get the appropriate recognition for their contribution to a more durable, sturdy and long-lasting economic expansion, which, I believe, will also be supported by a secular bull market in U.S. stocks.

I believe the current period to be analogous to 1949 to 1968, when the U.S. was winding down government spending in the post-World War II environment … one in which the government got smaller, but the private sector, ripe, and rife, with new innovations, pent-up consumer demand and manufacturing excellence drove the economy into a pre-eminent position in the world economy.

In both relative, and absolute terms, the U.S. economy is gaining supremacy in its competitive, and comparative, economic advantages.

(Read more: Emerging economies hurting global growth: OECD)

The energy revolution is making the U.S. economy energy self-sufficient and bringing down the cost of manufacturing so much that U.S. companies are bringing jobs back home and enticing foreign firms, particularly, auto, chemical and petrochemical companies to come here to benefit from cheaper energy costs and a more competitive, flexible and educated American work force.

The U.S. is now the largest producer of natural gas in the world, thanks to fracking and horizontal drilling technologies.

In 2020, the U.S. is projected to overtake Saudi Arabia and Russia as the world's largest producer of crude oil and will likely be a net exporter of both crude and refined energy products, turning our current trade and balance of payments deficits into surpluses. (The situation in Ukraine will likely hasten approval of new licenses to export liquified natural gas (LNG) and even crude oil itself.)

Over 600,000 jobs have been created in the sector, with many more to come.

For the first time in over six decades, the U.S. is a net exporter of refined energy products already.

(Read more: Dick Bove sees recession, 7% rate...in a few years)

That energy revolution, the nation's second in about 150 years, is leading to radical changes in the manufacturing platform that globalization gutted in the last 40 years.

With 3.8 million open jobs in the U.S., many in advanced manufacturing, the U.S. middle class may be re-built, as high-paying, high value-added jobs are there for the taking, especially for those worker who have the requisite software and robotics training necessary on today's factory floor.

3-D printing is revolutionizing manufacturing and health care, changes that will lead to be a better economic quality of life and longer and better lives for the average American who, some experts say, will also benefit from lower healthcare costs, thanks to the benefit of technological advances.

The recovery in real estate, though it slowed recently, will re-accelerate as millennials form households and start their own families. True, we may never see a real-estate boom like the one we witnessed in the last decade. But, like the baby-boom period, we may also see a steady and prolonged bull market in real estate as the 100-million strong cohort takes its place as a drive of economic growth in the decades ahead.

I was quite heartened to hear that four top hedge fund managers, that I spoke with over the weekend (event and manager names withheld since it was a private event), largely agreed that the U.S. remains the best place in the world in which to invest, even if you would like overseas exposure.

U.S. multinationals are best poised to profit from overseas growth. Brazil, Russia, India and China will continue to disappoint investors, they say, while emerging markets, from Turkey to Thailand and from Australia to Argentina, have too many troubles to be good investments, for now.

True, U.S. stocks could suffer a meaningful 10 to 20 percent correction this year, amid geopolitical turmoil, shifting monetary policy in the U.S., UK and elsewhere, and simply take a break after a 170-percent advance after a five year bull-run, the pullback, they say will offer a significant buying opportunity to benefit from the next leg in a secular bull market.

Glad to know I am not alone in my thinking. For those asking, "what do I do now," if I missed the big rally so far? Get your pencils out, pick the stocks you like and buy 'em when their down, but in this scenario, they are certainly not out!

— By Ron Insana

Ron Insana is 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.