I know third was too high, but 17th is too low. I don't remember that many big losses over the last four years.

17th is way too low. We're not great but we're certainly better than 17th in the world.
FIFA Rankings are always open for dispute due to the ambivalent points system. Mexico won the Gold Cup a couple of years back and they went up a few places. They were then invited to play in the Copa America on the basis they only had 3 players over 21 in the team. They went and lost every match. Those matches were counted on their FIFA Rankings and they went down 15 places.

Well, the new FIFA rankings are out...
Remember back to August last year, just 12 months ago, England were somehow ranked third in the world even after a quarter final exit from Euro 2012.... We all knew that someone was drunk when they put England in the third spot... but now, England have slipped down... right down..
USA have now risen from 19th upto the 13th position and Spain have managed to hold on to the top spot since September 2011
[August ranking in brackets]
1. Spain (1)
2. Argentina (4)
3. Germany (2)
4. Italy (6)
5. Colombia (3)
6. Belgium (10)
7. Uruguay (12)
8. Brazil (9)
9. Netherlands (5)
10. Croatia (8)
11. Portugal (7)
12. Greece (11)
13. United States (19)
14. Switzerland (15)
15. Russia (16)
16. Chile (21)
17. England (14)
18. Bosnia-Herzegovina (13)
19. Ivory Coast (18)
20. Ecuador (17
Gotta say that Roy Hodgson is doing well after guiding England to the often coverted 17th position, the lowest place since the aftermath of Keegan