The answer is not self-dependency. It is independence. But even there, it's half of the answer. That could be a solution in the very early stages of the problem, maybe in 1.970-73, before the first big oil crisis.
You will be surprised how deeply incardinated is arab capital within western corporations.
We need new international laws with regards to transparecy in corporations' ownership. We need to block any suspicious assets. We need to expropriate assets of terrorists (in your President's aception of the word), if we need to cut money supply to these beasts. We need to aggree on international regulations as to capital flows and trade is concerned.
Stop thinking in US terms. US alone will not achieve anything on the long run. The problem is too complex, and involve too many nations. Neither US money alone caused the problem, nor is US alone the solution. If anything positive can be taken from the horror, one is pulling the bandage out of our eyes, and another one is putting all Allies together against the common enemy.