Golden Touches Turned to Lead

American investments by many foreign firms become losers

Not since the days of Columbus. Cortes and Cartier has America had such allure for fortune seekers from abroad. Throughout the turbulent 1970s more and more Europeans. Japanese and even Arabs looked to the U.S. as a haven of political stability and the world's biggest, most lucrative marketplace. A cheap dollar in relation to their strong currencies made American ventures all the more attractive. Foreign investment in U.S. firms has surged from $13.2 billion in 1970 to $65.5 bill ion last year.

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