It is specified that today the destiny of the main monetary unit of a planet excites all people of the world. It is noted that recently the dollar endures a difficult period of the existence. It is emphasized that in many countries, for leaving from risks of the American bank notes, started talking about need of creation of uniform national currency. It is described that the reason of crash of domination of the American dollar is existence in world economy of internal tendency to periodic financial and economic crises. The conclusion that extremely safe (evolutionary) version of the solution of problems of the world currency system testing today a stressful condition is necessary is drawn. The offer that the right of further issue of the American dollar to transfer to Economic and Social Council of the UN is made. Locates that transfer of a right of emission of dollar to special body of the UN for all countries of the world will bring definiteness in new world financial architecture.
The fate of the main monetary unit of the planet concerns all the people in the world. A lot depends on the rates of the US dollar: prices for goods and real estate; exchange rates of national currencies, return of firms and whole countries. Lately the dollar experiences the most difficult period of its existence: the trend of downing of trust to American money was specified and strengthened, the money, which had been a sym- bol of the global hegemony of the USA for almost a century. Many experts are even afraid of irreversibility of the. The downing of trust to the American currency reflects the wide disaffection with the extremely irres- ponsible policy of the USA.
The fear in front of the dollar meltdown forces the world financial market players, that are not provided with real assets, to react adequately: to diverse its gold and foreign exchange reserves with currencies of oth- er countries; to refuse from linking the rate of their national currencies to dollar; to reduce a dollar share in foreign trade operations; to undertake efforts on forming regional currencies. In many countries with the purposes to go away from risks of American currency notes the people started talking about the necessity of creation of a common supranational currency. An American currency still keeps up for account of its wide use in payment transactions, but if the process of reduction of the world economy depending on a dollar will be strengthening, then the USA will have to default a dollar to avoid the loss of economic viability. Many analysts believe the American currency is destined to cheapen and, that is why, the default is inevitable. But the default, however, which has a sense to be sudden only, — it is a very dangerous event for all of us. The financial catastrophe of America will become a catastrophe for everybody. Someone has already forecasted the lessening of financial tension through «big blood». In my mind, the United States, as the state striving to preserve the leading position in the world, should not allow further worsening of dollar positions and default, moreover.
The low level of dollar provision is not the main basis of trust downing to American currency notes. The fundamental reason of the overthrow of the American dollar supremacy is the presence of the internal aptitude of the world economy to periodical financial and economic crises. This imperfection is «the virtual economy» based on financial and speculative operations by the sales of derived financial instruments with no financial coverage. «The virtual sector» is a carcinoma of not only the world economy, but also the ideology of neoliberalism. The involvement of many states, a big number of market participants, huge masses into the fictitious economy have made the crises more large-scale and lingering. Like water for a weed, the galloping emission of American dollars provides the growth of «the parasitic economy sector», excessive speculative gains of which turn out to be appropriate losses for the real economy. The growing deficit of the foreign trade balance of the USA is just the side result of the absorption in «the play economy». What trust can there be to a monetary currency, the emission of which contributes to the prosperity of «the virtual economy» cast- ing the whole world in a permanently deepening crisis?
The world is tired of the abusive supremacy and irresponsibility of the American dollar. However, pushing the USA currency out of the world economy, introducing the alternative world currency are, in my mind, rough (radical) retaliations on world monetary markets, which the United States will undoubtedly offer violent opposition to. Those countries, which demonstrate an endeavor to creating an anti-dollar zone, risk their evenness and prosperity. The maximum safe (evolutionary) option of resolving the world currency sys- tem problems, currently experiencing «the stress state», is needed. To implement something great, one should start from something little, something possible. In my mind, the most rational option is to transfer the right for further emission of the American dollar to the Economic and Social Council of UN — ECOSOC). In my mind, this is the right step to the common world currency, which will already be under international management. Moreover, the growing internationalization of the national economies demands the introduc- tion of the supranational monetary currency already now, but not in the nearest decade. In addition to it, su- pranational structures are required for the supranational currency.
The reformatting of the status of the American money will eliminate the threat of meltdown of a dollar and, thereby, create favorable external conditions for America to get out of the financial and economic pro- fundity. The resolution of the internal problems will demand correct and truly Herculean efforts. If America will be able to resolve them without churning out currency notes, with no reliance on «the virtual economy», without ideology of a moldy liberalism, then I am sure it will become an established leader of the world community. The alteration in America will give a positive impulse to reforming the whole world economy and world currency system.
The transfer of the right of a dollar emission to the special organ of the UNO for all the world countries will contribute to definiteness in the new world financial architecture. Undoubtedly, this is a step to a more sustainable condition of the world currency legal order undermined by «the egoistic dollar». The suprana- tional status of the dollar will shield the whole world from tyranny of avaricious pressmen of American «bucks». The world development will happen already without a devastating impact on results of activity of market participants, without infringement of national interests of the developing countries.
The countries, which «built in» their economies in the mechanism of maintaining and providing the purchasing power of a dollar, have some opportunities to impact the fate of American money. The main thing is the correct resolution of the problem efficient for all. More and more, less significant players at the world market can induce America to make a step necessary for overall development using the possible prac- tice of impact. The reality of the first step implementation depends on time coincidence of the maximal pres- sure of all countries and the minimal resistance of the USA.