There is little doubt the doom and gloom crowd has the upper hand when it comes to sentiment about the U.S. economy and its future in the world. I know many want their doom and gloom beliefs validated, and therefore it burning at the stake time for one to be the least bit optimistic about the future of the U.S. at a time like this. But let me give it a try and see if makes any sense to you.
I am not going to deny there is a host, a virtual plethora, of reasons why it looks ugly for the U.S. But, this game of winning and losing among competing nations is a relativegame. In the world of global macro analysis, one country's negative adjustment process can be another's positive gain. That is the essence of the argument.
For you to accept my argument, you must ultimately agree with the following two premises: