An Analysis Of The Issuance Behavior Of Dollars From The Aspect Of International Economic Law

The subprime crisis that broke out in the United States in 2008 rapidly developed into a global financial crisis. In order to deal with the financial crisis, the U.S. government implemented the quantification looser monetary policy, remedying the financial storm enterprise through issuing dollars. The fiscal issue behavior of dollars is the representational form of U.S. quantitative looser monetary policy. Since the outbreak of financial crisis, the United States has taken two rounds of quantitative loose monetary policy. In the first round, the FED created more than a trillion dollar reserves. But the second quantitative easing (QE2) beginning from November 2010 is a plan that by the end of June 2011, the FED will have bought 600 billion of national debts.Such measures taken by the United States government to save the stock market impaired the interests of those who hold dollars and dollar asset. But because in accordance with the traditional civil law, the monetary belongs to the category of property rights, and circulation and transfer is to abandon property rights. But we maintain that U.S. Treasury currencies is not only within the scope of civil law but also the world currency conferred by the international economic (currency) law and has its rights belonging to international economic law - international monetary authority involving the share rights about surplus value. It is capital in the form of monetary. When not scarce, it shall have the right to participate in the assignment of the interests of the surplus value and value-added benefit. Namely, when currency of sovereignty becomes a world currency, it not only has the relevant civil rights to property, but also has the right to preserve or increase the value conferred by the international economy (financial) law.Facing the behavior that U.S. abuses its sovereignty of monetary position; the measures currently taken can be summed up into three kinds: the first is the internal restriction of international monetary fund, reducing the intervention of America into the International Monetary Fund through the reform of the International Monetary Fund. The second is the competition of the euro promoting the development and expansion of the euro to balance the supremacy of dollars by protecting the competition of euro on international monetary market. The third is the conception of the development of super sovereignty reserve currency system on the basis of the Special Drawing Rights in the international monetary fund proposed by Zhou Xiao chuan, China's central bank governor.But the above measures all have their deficiencies. We think it is an exclusive approach to solve the abuse of monetary sovereignty to set up an international economic new mode led by the economic law and to make clear the increase and distribution of international incremental benefits.