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Don't forget that there's a silver lining to that black cloud. While the cost of imports would go up, the cost to foreigners of items exported from the US would fall. That would be a double jolt of demand for US products ...

Just last night I got this emailed article which made some similar points.
"China has become the #1 oil importer in the world, surpassing the United States. ... the US is now the largest producer of oil in the world"

I found this bit both interesting and amusing (because it directly contradicts what a whole chorus of doom&gloomers have been saying):
"And if the US generates a positive trade balance due to importing less oil and shipping more natural gas and refined oil products to the rest of the world, the US dollar could become remarkably strong and force all kinds of adjustments in global trade-settlement currencies. As I noted a few weeks ago, the Chinese renminbi could become a reserve trade currency not because the dollar becomes weak but because the dollar is so strong and additional trade currencies are needed."
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