When I was in elementary school, one of the things we had to do was make a map of the USA with small drawing of what each state produced - you know, Iowa-corn, Minnesota-iron, Texas-oil, etc, etc.
In June of 1945, all the Reichsmarks is the world could buy you nothing.
The idea that the final destruction of the phony paper “economy” and the end of globalization will “destroy” the United States is absurd, The United States has, under the earth and along our coasts and rivers, more wealth than the entire rest of the world put together.
We also have the most resourceful and creative people in the world.
We have a severe misgovernment problem, which presumably will end soon, as it always does.
THe “dollar” is toast? Well, the little green pieces of paper are, most likely, going out of fashion soon. Repay China by enslaving several generations of our children? Don’t make me laugh.
The “dollar” is supposed to be a unit of account and a store of value. It is supposed to be defined by Congress, which body is supposed to also regulate its value. They have failed to do this for 100 years (except for the gold coin act of 1986 which set the value of a gold dollar as .02 ounces of fine gold but lacked enabling legislation).
Anyway, a future Congress wil have to undo all the fiscal and monetary mismanagement and cancel all the debts, which they will undoubtedly do.
“Destroyed”? Compare and contrast Berlin/Hiroshima/Detroit/Camden 1945 and Berlin/Hiroshima/Detroit/Camden 2013. The destruction has happened already. The phony economy is next.
Then and only then can we start rebuilding.
Burn, baby, burn.
47% of you are the most resourceful and creative people in the world.
It's the others who are the problem. They are on your backs demanding a free ride.
The only way to get to an America where they're not in charge is to pass through the turmoil of losing reserve currency status.
That's already coming. That's reality. That cannot be avoided now. The timebase of the incipient dollar collapse is faster than the onset of the Natural Gas revenues.
The dollar may be strengthened by eagle diesel, but the step-change of reserve status is inexorable. America's creditors know that Obama's printing press can overrun any resource revenue, no matter how stupendous.
So, yes - as you say - burn baby burn. Then drill baby drill.