In many ways, the weak dollar is making life harder for Americans. All the "stuff" we import, from oil and gas to children's toys, has grown more expensive because of it.

But the news isn't all bad... Some U.S. companies are making the most of the weak dollar trend. How? By ramping up business overseas.

While we Americans are famous for buying things we don't make, it turns out we do still make stuff here at home. In the language of econo-speak, "durable goods" represents stuff with a lifespan of three years or more. Even as downturn fears grow, durable goods orders grew 1.5% last monthà and a lot of those goods will be headed overseas.

Hooray for Multinationals

The American companies faring best right now are the ones that are diversified around the world. You can see this in recent earnings reports.

For example, Parker Hannifin (PH:NYSE), the world's largest maker of hydraulic equipment, pushed earnings up 22% thanks to global sales.

Or take Boeing (BA:NYSE), the iconic aircraft maker. Thanks to an uptick in international travel, a rising hunger for planes, and a strong customer base in Asia and the Middle East, Boeing saw earnings pop 38% in the most recent quarter.

And while the well-known giant General Electric (GE:NYSE) was hit hard by credit-related losses a few weeks ago, the news would have been worse without a strong overseas showing. Half of GE's profits in 2007, and a good chunk of profits this year, too, are a result of foreign growth.

Last but not least, let's not forget Caterpillar (CAT:NYSE), one of the world's biggest makers of construction equipment. Thanks to the amazing pace of infrastructure growth and demand for big machines all around the world, CAT bulldozed its way to a 13% jump in first quarter profits. While activity in the U.S. clearly slowed, a weak dollar helped CAT make up for that and more overseas.

In fact, CAT was able to boost global sales by as much as 30%, due to strong presence in areas like the Asia-Pacific, Europe, Africa, the Middle East and Latin America. (They don't come much more global than that.)

Food and Retail, Too

Even food and retail companies are playing the global boom.

McDonald's Corp. (MCD:NYSE) picked up a tasty 24% in profits during the first quarter, thanks in part to strong global sales. Growth in Australia, China and Japan has helped hedge the Golden Arches against a bout of domestic weakness.

And battered U.S. retailers are shoring up their bottom lines with overseas growth. Take, for instance, the favorable exchange rate between the U.S. dollar and the British pound. Abercrombie & Fitch (ANF:NYSE), the first U.S. teen retailer to open stores in Europe, is able to charge twice as much in dollar terms because of the exchange rate. (That favorable equation is why Whole Foods Inc. (WFMI:NASDAQ) and Banana Republic plan to open stores in London, too.)

Speaking of Europe, dollar weakness has another clear result: While U.S. companies will be exporting more to Europe, imports from Europe to the U.S. will decline. With the euro trading in the $1.55 to $1.60 range as of this writing, it's simply much easier for U.S. exporters to compete.

Safety and Growth

As we all know, the weak dollar isn't going away anytime soon. (Some are hoping for a dollar rebound this year -- but even if that happens, the uptick will be small.) Recession woes and spending cutbacks dominate the headlines in many U.S. newspapers.

That's the bad news. The good news is, you can still find the winning combination of safety and growth for your investment dollars. A number of U.S.-based companies are making the most of the weaker dollar -- and by investing in the right picks, you can, too.

That's why I'm so focused on the "safety and growth" combo for my Diligent Investor readers. While you can't go wrong with some of the companies mentioned in this piece, there are other, even better picks out there... stocks that have the potential to deliver 50%, 75% or even 100% returns over the next few years.

The key to finding these gems is knowing where to look (and knowing which savvy investors to pay attention to). My next Diligent Investor pick will be revealed soon. I hope you can join us.