The US dollar came to rule the world in the wake of two world wars. But back then, the dollar's hegemony was based on a solid foundation of savings and capital accumulation. But today, the dollar's growth is based on huge piles of debt.
Austerity need not be painful when the contraction of the public sector is accompanied by the expansion of the private sector. Thus, the real solution lies in fostering more progress in entrepreneurship and private ownership.