The dollar is losing buying power, and the deeper worry is that America's real economic strength — the ability to make and move things — has stalled for two decades.

• The US produced no more electricity in 2024 than in 2004, flat for 20 years.
• China's power grid went from less than half of America's to more than twice its size.
• The US economy grew, but mostly in finance, software, and services — things that don't build real-world muscle.
• JD Vance argues America's most valuable resource can't be the dollar, especially as other countries move away from needing it.
• If foreign demand for dollars fades, the money printed to keep the system going buys less at home.

Outlook: Expect the shift to show up gradually in asset prices, with hard assets and energy-heavy industries favored over paper wealth.