Right Coasters

Tip Jar

Change is Good

Tip Jar

Notable Posts

The Old Right Coast

Blog powered by TypePad
Member since 09/2005

« Some interesting MR linksTom Smith | Main | The Corner - National Review Online »

December 13, 2012

Comments

http://www.youtube.com/watch?v=R5WYOQ_K3vA

There are lots of places outside the USA that are booming, offering opportunity for teenagers. The USSA is a has-been, only getting worse. Those who have vision and language skills would be well advised to leave, just as Saverin did.

Let's speculate that the debt will be "restructured" in some way that spreads the pain to our creditors (the Greece tactic) and that, maybe as part of the deal, the US Dollar will cease to be a "reserve currency". The value of the dollar would probably drop significantly against some other currencies, not necessarily all of them. Any drop in the value of the Dollar will likely increase our exports and reduce our imports, not immediately, but over a decade or so. This might not be so bad; we might become a more self sufficient entity (well, how could we avoid it? we cannot become more dependent on imports than we are now can we?). We would be obliged to reduce our foreign obligations, military and otherwise. We would have a more fractious world to live with but maybe our absence would increase the sense of responsibility on some wealthy nations such as China and Australia and Japan (OK, that might be pollyanna speaking but some force would fill the vacuum of our withdrawal). So I think the odds are at least fair that the USA will continue to be a fine place to live. Just different.

The comments to this entry are closed.