The implications will be broad.
1. America will be tourist wonderland for a while. Then international visitors will smell the desperation. Did anyone else see the Russian Billionaire with a giant yacht slipping through SF bay . . .
2. American celebrities will increasingly seek money in foreign lands. Allen Iverson heads to play in Turkey.
3. The imagery and representation of wealth and status will be made available to lower class American consumers. Knock-off luxury automobiles, versions of 'top-shelf' liquors available in drug stores, not to mention the cheapening and deepening of the digital entertainment media will soothe the sting of being a citizen in a second or third world nation.
4. American will increasingly celebrate the cheaper things in life. For instance the new Zagat's guide to food trucks. http://www.psfk.com/2010/11/zagat-announces-food-truck-tracking-site.html