Who coined the phrase new normal?

It is popularly attributed to Mohamed El-Erian, co-chief investment officer of the big California investment firm Pimco, who used it to describe the economic conditions after the 2008 crash.
The term however, has been used much earlier by a Canadian Author, Radio Host and Musician by the name of Alan Watt. Alan Watt has frequently used this term for more than a decade to describe the global social, economic and political changes in society.