However, angst about the dollar extends beyond conservative political circles. Last week, Robert Zoellick, the president of the World Bank, warned that recent warnings from the Chinese and other major US creditors over US indebtedness could worsen in coming months.

“The United States would be mistaken to take for granted the dollar’s place as the world’s predominant reserve currency,” Mr Zoellick said. “Looking forward, there will increasingly be other options to the dollar.”

Much of today’s debate echoes the traditional political response in the US whenever the currency depreciates. But it is now accompanied by warnings from America’s creditors, many of which are widely rumoured to be eye