The imbalance has not been corrected: Strategic issue #1 remains

Petrodollar Recycling explained

"Starting around 1996, a large current account deficit in the United States has been matched by surpluses primarily in other advanced economies and in emerging Asia, and has been accompanied by corresponding shifts in net foreign asset positions".

We all know now that 'fiscal imbalance' is a major issue affecting the economy. Recently President Obama announced with the G20 a mission to adjust this fiscal imbalance primarily by encouraging the Chinese to spend more, and by adjusting incentives to encourage Americans to save more. One issue that the G20 failed to address on this issue is resource dependence and the global cost (affecting China/Asia as well). With strong allies in Saudi Arabia and Canada, the U.S. has no incentive to transfer from it's carbon-based energy system. Although Obama has been the most progressive president on this issue, it is not fast enough or powerful enough to create dynamic change in the economy (there needs to be a stronger 'nudge'). The Chinese are moving more quickly because, like much of Asia, oil supply cannot keep up with the pace of growth in their economies - How come we haven't done a cost-benefit analysis?

Copenhagen 2009

Americans have trouble contemplating 'climate change' science. 49% don't believe it is real, let alone a problem. This is why the debate about oil production needs to be transitioned from an environmental issue to a financial issue. It's a $300 billion/yr. issue since 1996. There needs to be a shift in policy to get people behind the move from carbon-based power to renewable that is based on this imbalance. Obama talking points on this should say: "Don't like the $700 billion stimulus package because it's wasteful? Well we stimulate Saudi Arabia's economy that much every 2 years - that's wasteful."

The Western world can easily bankrupt ourselves. As the richest countries we are now the most indebted. This is how empires collapse and new world orders are created. It is issue #1 to eliminate dependence on foreign oil.