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Almost: failing countries let foreign currency in, then try to prevent it being used for internal transactions or being sent out again. Attempts are made to restrict spending the country's limited supply of forex to fuel.

America's ability to pump its own oil is far more important than its ability to print currency. You can't print oil, and having to import it in large quantities would make the economy unviable.

You do know that the US still imports 1/2 of it's oil, right? (about 6 million barrels per day in imports, http://www.eia.gov/dnav/pet/pet_move_neti_a_ep00_IMN_mbblpd_...)

However, all countries in the world without oil have to buy their oil in USD ... so they first convert their local-currency to USD, and then purchase oil, driving USD currency demand.

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