I agree with Kedrosky below. I see so many cool Cleantech companies that I'm pretty confident the U.S. will overcome the high cost (& pollution) of fossil fuels. It's the classic economic situation where the price of a commodity got so high it created a big enough market for entrepreneurs to get funded and change the world (for the better). This won't solve all of our problems, and I'm not sure how close the labor gap with China will really be, but I think the U.S. has a bright future in front of it.
Today in Not Being Bullish Enough:
I have a regular conversation with a hedge fund friend wherein I try to convince him (and me) that, bears that we usually are, we aren’t nearly bullish enough. While Evans-Pritchard is often off the mark, these are more or less my arguments for the bullish side.
World power swings back to America.
The American phoenix is slowly rising again. Within five years or so, the US will be well on its way to self-sufficiency in fuel and energy. Manufacturing will have closed the labour gap with China in a clutch of key industries. The current account might even be in surplus.
via World power swings back to America – Telegraph.