O Dólar, o Mau e o Feio

Para os inocentes beócios que sonham com o desaparecimento do dólar como moeda internacional. Novo livro do professor de Berkeley, Barry Eichengreen, Exorbitant Privilege: The Rise and Fall of the Dollar and the Future of the International Monetary System:
Mr Eichengreen does not think the dollar is about to be vanquished as sterling was. Rather, he foresees a “multipolar” system of international currencies. Reunification shifted Germany’s priorities from supporting America to binding itself more closely to Europe, resulting in the creation of the first significant competitor to the dollar, the euro. Mr Eichengreen could have devoted more attention to the strains that Europe’s sovereign-debt crisis have placed on the euro. His book is optimistic, noting that political rather than economic imperatives have always driven the euro. Mr Schmidt sold monetary integration to Germany’s sceptical central bank by invoking Auschwitz. Yet Mr Eichengreen’s recent writings betray a pessimism about the euro’s future that is not visible in his book.
And what of China? As was true of America and the dollar a century ago, China’s currency does not enjoy anywhere near the clout that could be expected from the size of the Chinese economy. As with Japan, China has discouraged internationalisation of its currency for fear that inflows of capital would lift its value and curb Chinese exports. It has learned, however, from Japan’s mistakes, and is gradually liberalising the use of its currency. But China is still much further behind than America was in 1914; it will be decades before the yuan rivals the dollar’s leadership.