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Highly respected economics professor Tyler Cowen argues in this – very long – piece that The US has a rosy future as a major exporter. It is based on three key advantages: its hub as the world’s centre for advanced technological development; the recent discoveries of large shale oil and natural gas deposits, which guarantees its long-term energy needs; and the growth of cash-rich, gizmo-hungry consumers in developing nations. Unfortunately, little of this applies to Europe.