Today is like any other day, but it could be one of the most important days in American history. Like a quiet wind in the night, few saw it coming and many will not even know it was here and gone.
Starting today, America or the US of A, is no longer the largest economy in the world. It's now number two, behind China.
So what does it mean? Nothing for now, but as the days wear on, we will be sliding farther and farther back unless things change drastically. Does that mean #1 is lost forever? No one can tell...maybe China will have its day with hiccups and drop a notch or two, but the reality is that losing economic dominance is generally the first step in a prolonged decline of an empire. History has shown that to be true - without exception.
Its not yet time to bail out or bug out, but to be cognizant that life for us Americans will be changing and things that we took for granted are not going be the same. It will cost more for things and we will need to earn more to keep up. The dollar is starting to lose significance in world trade and may ultimately lose its reserve currency status in a matter of a few years. So the wisdom of the day may be to get into non dollar denominated assets, prepare for harder times ahead, and maybe get use to being #2 or even lower for a while.......maybe forever.
On a more positive note, I got Velda registered in California yesterday. Got to give credit to the DMV reservation system. After hearing all the horror stories about people waiting for hours only to be turned away or having to come back, I made an online reservation and made 200% all my documentation was completed correctly beforehand. The end result was that I got in and out in 20 minutes with my license plates in hand! Now I won't have to worry about being stopped anymore. And yes, Velda is a non dollar denominated asset.
In a not so positive vane, After some more checking, Velda's heater seems to be broken, and there is a slight drift in the suspension while driving. Both could be cheap fixes or potential money pits, but that is expected of a 25 year old classic. Going to invest the time and money to make it right as I plan on keeping her for at least another 25 years...555
Bye bye Miss American Pie, took my Velda to leeve, but the leeve was dry
Them good old boys were drinking whiskey and rye (and doing some dope too)
Singing "this will be the day that I'll die", "this will be the day that I'll die"....