Going, going, gone

It looks as though the markets may have stabilized somewhat today, but at the rate things have been going we may see the dollar down below 0.5 Euro before too long. After all, the value of the entire US economy is already down 35% from where it was just a few years ago. At some point, I suspect the whole thing goes to hell, foreign dollar holders panic, and the dollar might fall who knows how far? 0.1 Euro?

And, given that we don't produce anything (except entertainment junk) in this country anymore, where does that leave us?

Looks to me as though we're well on our way to becoming a third rate economy, maybe on a par with Chile. And, of course, our standard of living will have to collapse correspondingly. Somehow, I don't think that's going to go down very well with the public.

Update: I think I spoke too soon about the markets stabilizing.