The American economy is collapsing because its industrial base had collapsed — slaughtered by cheap imports from what used to be Third World economies such as China, India, Brazil and South Korea, all of whom, while humoring the US by saying "I Do" to globalization, were actually practicing their respective "I Don'ts.

Except, of course, stupid Philippines which since time immemorial has always said I Do to whatever America says...

The only nations that are surviving, and will survive, the international debacle of a global economic meltdown are those which, while paying lip service to globalization, actually defied it: China, Russia and India are the lead examples....