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The truth is writing code is one of those jobs Americans don't want to do.
Hacking is fun and interesting but rarely useful. Startups may do some hacking but you can't build any sort of industry based on 99% of the effort being thrown away.
Take, for example, Del.icio.us. It's an idea. Someone came up with it where it wasn't there before. Now, who actually codes it isn't so important. It's only slightly important now because it's not trivial to do so. But once it is, it'll be much less valuable (obviously).
As such, the only commodity will be those who can come up with new ideas -- not those that can implement them.
Realize, though, I'm talking about a long time in the future -- not in like 2008 or something.
Thoughts?
But my reason for this post is to commend you on your use of the word "hacking". A lot of people think of hacking as a negative thing, when the true spirit of the word is quite positive.