But, whether the US likes it or not, the dollar reserve system is fraying; the question is only whether we move from the current system to an alternative in a haphazard way, or in a more careful and structured way. Those with large amounts of reserves know that holding dollars is a bad deal: no or low return and a high risk of inflation or currency depreciation, either of which would diminish their holdings’ real value.
但不管美国方面是否乐意，美元的外汇储备系统正在走向瓦解；问题只是在于我们是选择在下一场危机到来之时仓促地转向下一个替代系统，还是采取一个更小心而具有结构性的步骤。其实那些手握大量外汇储备的国家知道持有美元不是一笔好买卖：不但没有或只有极低回报，甚至还面临着通胀和货币贬值的巨大危险，这其中任何一项都将蒸发这些国家手中储备的实际价值。