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Peter Morici: The dollar could be a curse for America

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Oil has proven a curse for many developing countries and now, troubles abroad and growing reliance on the dollar could prove the same for America.

Petroleum permits national leaders to engage in socialist giveaways, placate elites by padding their bank accounts and consolidate dictatorial power without making the kinds of broad investments in industries and human resources that ensure lasting prosperity. Venezuela is collapsing as the money runs out and Saudi Arabia will do the same.

Decadent politics and economic policies in Europe and Asia are making the euro EURUSD, +0.1062% , yen USDJPY, -0.06% and yuan USDCNY, +0.0477% unattractive as long-term investments.

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