Seven million jobs lost, manufacturing’s share halved – America’s Dutch disease in numbers, the cost of flying too high.
The dollar’s reserve-currency privilege underwrites low-cost US borrowing and persistent deficits while a structurally overvalued currency hollows out the nation’s industrial core, masking deep systemic imbalances beneath a veneer of easy foreign financing.
The numbers tell a clear story of an American-style Dutch disease: In a pathology emblematic of mismanaged abundance, relentless foreign demand for dollars functions as a perpetual resource windfall, structurally elevating the currency and steadily corroding, most…
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