How far has the United States fallen? And, in such a short period of time. In fifty years, even less, it has gone from having the most sought after, most stable, and most valued currency to the status of "has-been" or almost banana-republic.
When I have indicated it is the end, it is. Now it is clear that America has ended its capacity to impress the world with its value or economic strength and system. This is not all Obama's doing; but, he has finished the dive of America into the ground. Where he could have pulled American out of its dive or even prevented the dive, that was not going to be one of his options.
Whether this was because of ideology or incompetence, it is not going to change the consequences to America. There will be complete unavailability of sustaining the welfare state, never mind America's defense projection. All countries will have to move away from America and most of it will become Spanish in a very short period of time. Remember, the end is never dramatic. It is just a slow walk into the abyss and I mean slow.
For economic power, countries, i.e. Europe, are now turning to China. That is where the new growth and future is.