Isn’t that extreme? With all the problems, the situation seems better than what happened in Brazil, Argentina, Russia and even 1930s here. US still has great advantage in many resources. Very soon, China, India and many other countries can’t feed their people without massive food imports and the resulting raise in food prices can easily turn balance of trade to U.S. advantage. One can do all kinds of economizing with oil, but it is hard to solve food deficit. We are dumbstruck by oil as the currency of power now, but historically, food is even more potent.
