“Dollar murdered. Drowned in red ink. Clues point to the White House.” So might a tabloid headline read as the angry mourners gathered to affix blame for the end of the era in which the dollar served as the currency in which the world does business — its reserve currency, to use the economists’ jargon. But if such a funeral ever takes place, the mourners should remember that right now they aren’t too happy with the existing system.

The Chinese are cross because the falling dollar means the stacks of US IOUs they have in their vaults will be paid back in a devalued currency. The Americans are cross because the Chinese refusal to allow the renminbi to rise in value meant goods made in Chinese factories will continue to displace made-in-America products, and provide jobs for Chinese rather than American workers. The Europeans are cross because the strong euro threatens to abort the export growth on which they are depending to fuel their economic recovery. The British are cross because the weak pound is causing sticker shock when they travel abroad, and suggests that a spurt of inflation is just around the corner. In short, everyone seems to be terribly unhappy with developments in the currency markets when the dollar was king. Well, not terribly.