We still live the sovereign debt crisis born in part of the sub-prime crisis. At the origin of the latter, there is a nation whose government and households are indebted. The United States has yet to change the main currency of the international monetary system, which gives them a number of privileges: they can live beyond their means, consuming more than they produce, to borrow at rates abnormally low and in their own currency.
The poor health of the U.S. economy in recent years is partly due to the alarming deficits federal budget and current account, and the excessive indebtedness of households, especially the poorest, who were able to maintain their level of consumption. This has revived the thesis day that the influence of the dollar decreases. When the United States lost for the first time in their history their “triple A” in August 2011, observers is expected to increase distrust against the dollar. Rather, investors flocked to the U.S. debt securities. The investors have made it clear to the rating agency S & P so that the U.S. debt was not risky if she wanted them to believe, or at least that the debt crisis in Europe, there was no alternative to the dollar.
This is the main thesis of the work of Eichengreen: America is not doing well, but the health of its competitors is not better. This is so that the dollar is and will remain the main international currency in the near future though probably sharing this position with other currencies such as the euro and the Yuan.
The historical perspective of the dominance of the pound sterling and how the dollar supplanted, and the history of the euro, how it was more a political project than an economic necessity, then the sub-prime crisis, and finally challenges the Yuan and its possible internationalization.