Mámení devalvace se vrací

,,Dolar je naše měna a náš problém." Tak si zavtipkoval americký ministr financí, než dal prezident Nixon před třemi desítkami let vale Bretonwoodskému systému. Přímočarost Johna Connollyho odrážela americkou schopnost - a ochotu - své hospodářské potíže vyvážet tím, že USA poženou dolů hodnotu dolaru, přičemž ze zemí, které se proti takové strategií postaví, učiní obětní beránky. Zdá se, že prezident George W. Bush si umínil, že Nixonovu špatně koncipovanou politiku zopakuje.

Bushova administrativa reaguje na americký masivní rozpočtový schodek a deficit obchodní bilance stejně jako sestava Nixon/Connolly: nechává padat dolar, a to dost nelítostně, a snaží se odvrátit pozornost od své zodpovědnosti poukazováním na Čínu jako na příčinu jak nezaměstnanosti v USA, tak deflačních tlaků. Tento postup jim bude s největší pravděpodobností stejně málo platný jako Nixonovi, který nedokázal víc než zahájit období stagnace.

Bushova politika je odsouzena k neúspěchu proto, že americké hospodářské problémy jsou - jako v 70. letech - domácí provenience. Nejsou z dovozu a není možné je napravit pouhou změnou hodnoty dolaru.

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