It is just where we are in the long term debt cycle. The US dollar will devalue in the next decade, but we aren't facing a collapse or anything. We are out of monetary tools (interest rates near zero) to stave off deflation, so we will turn to fiscal tools (printing money). This is a good thing as it will make the US more competitive on exports. We may lose our global reserve currency status but that is not a sustainable position, so it is somewhat inevitable.

The US is still one of the most desirable places for foreign talent. I hope we maintain that position. That creates demand for US resources and provides the people currently here with a comfortable retirement. China is not so welcoming to foreigners, nor is it very desirable given the pollution.