I believe America has one major advantage over many countries of the world that I have seldom seen mentioned in the various scenarios predicting the coming economic downfall of the US and loss of Top Nation status.
I have driven across America six or eight times, and each time I am amazed at the vast tracts of good, arable (ironically a word derived from the Arabic), undeveloped land and natural resources in this country. This is really not the case in Europe (which I have also driven across many times) nor I suspect in many Asian countries (although South America, and Russia appear, like the US, to have many untapped resources).
We currently have sufficient land under cultivation to be a net exporter of basic foodstuffs, such as grains, etc. to the rest of the world, whereas countries like Japan and China (and I suspect many Arab countries) are net importers.
IMO, we are moving into an era that will remain bullish for commodities for a long time. While oil and energy are primary to sustaining technological advantage, food is a basic necessity of life. There are substitutes for oil that can be developed. There is no substitute for food (oooops, forgot Soylent Green), and to produce food one needs land!
We are a young country, much of our land still under developed, whereas the Middle East and Asia in particular, are ancient cultures sitting on ancient, fully developed, lands. Yes, technology can help those countries produce more efficiently from the land they have, but having land to develop is the key to future growth, IMO.
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