Remarkable how the rightwing slips into raving denial when their underlying assumptions are questioned, not to mention the belief that derision and insults somehow trump actual reason...
Part of what's happening is due to the very success of the global economy so touted by american business and their dogmatic free market admirers, part of it is due to our abuse of our position as the world's reserve currency, and part of it is due to old-fashioned greed and stubborness... Having 25% of world consumption and 3% of reserves isn't sustainable unless we're exporting huge quantities of something the rest of the world wants...
This whole notion that we can achieve that magical short term touchstone of the Right, "Energy Independence", is extremely foolish, even if we slash consumption tremendously. Well, unless we end up with fuel prices so high that people still making whopper payments on that giant turbo diesel 4X4 truck won't be able to afford moving it out of the driveway...
An up and coming family in India, for example, doesn't drive the car everywhere, every day, every chance they get- they have a 100mpg scooter for that, they get tremendously more utility from a gallon of fuel than we do, so they'll pay a high price, willingly. Even if they get 1/5 the wages, they get 10X the usefulness from their purchase, so they'll pay. Their population is also enormous. All this is the same for China and other emerging countries.
And they'll pay with balance of payment deficit dollars, too- imagine that.
They'll get even more of our jobs as time goes on, as american business rushes to cash in on cheap foreign labor. What we've been exporting to get those goods has been liquidity, dollars, and, uhh, in case nobody noticed, international demand for them has been flagging, held up in no small way by the availability of conveniently provided US govt securities...
Our own policy of greed is really setting us up for a fall... If we keep going the way we are, our currency will become worthless, and if we quit providing investment avenues for the glut of dollars already out there, our currency will become worthless, too... A perfect storm of sorts. Which won't matter to our financial elite, since their wealth is spread worldwide... hell, having the dollar go south is just another opportunity... lose a few hundred million over here, make even more over there... watching as their ardent admirers take the bait and the bone once again has to be the icing on the cake...