America is in relative decline compared to, say 25 years ago. America is changing its doctrine of two simultaneous wars to only one.

1) America has tried to keep the increase in living standards by one bubble after the other. Real increases are far more difficult due to increased competition from abroad.

2) That is genuinely great news and if can be kept up will buttress the country in years to come. Any country that fails to create real items is constantly having to watch their backs.

3) Shale gas will probably be a good source of energy, but there is an unknown environmental impact - well, it is known but companies tend to point out tap water that one can light as a bonus.

America isn't going to implode and become a wasteland but a slow adjustment is probably likely as the artificial suppression of China has ended and the latest attempts by Europe to immolate itself are not as great as they were at the start of the last century.