Zajda, Józef2017-07-122017-07-121968Ruch Prawniczy, Ekonomiczny i Socjologiczny 30, 1968, z. 3, s. 345-3690035-9629http://hdl.handle.net/10593/18492The purpose of this work is an analysis of the actual dollar crisis and the evaluation of the perturbing influence of this situation on the international paying system in capitalistic countries. Under consideration is the problem of the balance of payments of the USA and the action of the dollar as a key currency, fulfilling the function of the substitute for the world money. Two pheonomena give rise to this functioning: the decrease — due to natural reasons — of the importance of gold, and the increase — due to industrial development all over the world — in international turnover. Paradoxal in this situation is the fact that the dollar becomes the key currency, owing to the deficit of the American balance of payments, because the dollar — as indebtedness of the American bank system — becomes reserve money of world's money banks and an (instrument to counterbalance the deficits of the balances of payments, and even an international unit of account. Money which is subject to the sovereignty of one country becomes international money. Its function as key money burdens the dollar, but at the same time it presents excellent business for the United States of America, as it permits financing political imperialism (foreing military expenses) and economic imperialism (creation of foreign American capital owing to foreign investments), and this means for them a source of profits and economic influences in the world. Three barriers of foreign dollar expansion are considered: 1) technical (the exchange for gold and other hard money), 2) economical (export surplus of trade balance), and 3) psychological (confidence in the stabilisation of exchanges). Three variants of solving the question of the dollar crisis and counteracting the international disturbances in the system of payments are considered: a) the pragmatic method — bristling with difficulties, b) demonetising of gold in the field of foreign dollar liabilities, which is recommended by certain influential American political circles, c) universal rise in the prices of gold, recommended by some French official circles. A grave danger for the international system of payments is the possible compulsory devaluation of dollar. In the solution of the dollar crisis caused by its excessive foreign expansion, inflationary (excessive creation of foreign dollar) and deflationary (basing the international system of payments only on gold) tendencies are in conflict, both being dangerous for the normal functioning of the international system of payments. Some opinions of political and economical circles of western countries recommend the creation of a money union as the first step to hinder the supremacy of dollar and to cancel gold deficit.polinfo:eu-repo/semantics/openAccessArtykuł