[andyt]

Unfortunately we are still way too dependent on exporting to them, so they'll drag us right down the hole with them. And if China can't export cheap crap to them anymore, they'll have plenty of problems too. Same with Germany exporting expensive crap. The changeover from the US being the dominant economy is going to be painful for everybody, but especially us, I would guess. And so far the US just doesn't seem to have any idea of how to reverse it. They can't consume themselves out of trouble because they have no more credit, and if they cut government spending they'll just depress their economy that way. I haven't heard one idea that sounds like it would be a way out for them. It may just be that all of us in the west have been living too high off the hog without being willing to pay for it (ie taxes). All the western economies rely on trying to grow themselves out of debt, and that may just not be feasible anymore.