Prof. Schlevogt’s Compass No. 42: America’s hidden ledger of decline – Industrial erosion quantified

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...