What a lot is once again being written about the coming demise of the US dollar. The German Handelsblatt, for example, publishes an immense smorgasbord of arguments under the title “World currency on call: Why the US dollar is more endangered than ever before”. Every few years, the topic comes up big and then – nothing happens.
But this time, everyone says, the developing countries must be serious about trying to break away from the dollar. But that’s where the problem begins. Anyone who describes what is actually at stake as “breaking away from the dollar” is already on the wrong track. It is not the dollar as such that is the problem, but a dysfunctional world monetary system is created around the International Monetary Fund (IMF), which is dominated by speculation and whose only fire brigade is the IMF led by the US government.