Economic Emasculation

Well, fellow Americans, take notice: as of this morning, Mar. 15, 2008, our economy is no longer the biggest in the world, a position we have consistently held since the end of WWII. That distinction now belongs to the EU. I don't see this in many headlines, and there doesn't seem to be much discussion of it. Perhaps it's just too hard on the national pysche to deal with this---we Americans do always like to think we've got the biggest dicks.

Strangely, I actually feel that this is a good thing, at least for now. The low dollar (and high euro) is causing many European companies to consider opening new factories in working cities across America. Considering that we have been off-sourcing manufacturing for decades now, and our economy is over 75% services at this point, I think this could be a blessing in disguise. A nation that can't make anything is doomed to failure (see the rise and fall of the Roman Empire for more details...)