Yet rather than passively accepting a fate of accumulating increasingly devalued dollars, the OPEC countries engaged in careful diplomacy, bringing pressure to bear on the United States that ultimately contributed to a tougher inflation policy. First, OPEC countries publicly discussed pricing oil in a currency other than the dollar, such as the International Monetary Fund's special drawing rights. The cartel requested a study on the effect of invoicing oil in an alternative currency, and an OPEC committee proposed using a basket of currencies to price the commodity. One member of the cartel -- Kuwait -- said it would accept sterling instead of dollars.

　　其次，一些欧佩克成员国提出了在严重通胀情况下用提高油价弥补美元价值下跌的可能性。由于刚刚经历了石油禁运，此举引起了美国决策者的关注。
　　Second, some OPEC members raised the possibility of an oil-price hike to compensate for the erosion of the dollar's value through unchecked inflation. Fresh from the experience of the oil embargo, this move raised concerns among U.S. policy makers.

　　最后，至少有一个石油出口国决定将储备资金投资于其它货币。1978年沙特将部分盈余资金转换为瑞士法郎和德国马克，而不是以美元形式持有，实际上一度将美元转为德国马克。这些转换的相对数值较小，但却已足以引起华盛顿官员的关注。
　　Finally, at least one oil exporter decided to invest reserve funds in other currencies. In 1978 Saudi Arabia placed some surplus funds into Swiss francs and German marks, instead of holding them in dollars, and at one point actually moved money from dollars to marks. These shifts appear to have been relatively small amounts, but large enough to get the attention of officials in Washington.

　　这些举措同沙特官员幕后不断要求美国控制通胀的压力结合到了一起。曾出现过令人难忘的一幕：美国财政部长布卢门撒尔(Michael Blumenthal)和他的主要助手非常担心欧佩克债权人的影响，以至打断了沙特财政大臣的迪斯尼世界之旅，解释美国政府有关美元的计划。
　　These moves were combined with consistent pressure from Saudi officials behind the scenes regarding the need for the U.S. to curb inflation. In one memorable episode, Treasury Secretary Michael Blumenthal and his key aides were so concerned about the impact on the OPEC creditors that they interrupted the Saudi Finance Minister's Disney World vacation to outline the administration's plans for the dollar.

　　虽然难以单独判断欧佩克“美元外交”的影响，但几乎可以肯定地说，它促进了卡特政府对通货膨胀的政策调整，包括1978年8月捍卫美元，并最终在1979年任命了对通胀持强硬态度的沃尔克(Paul Volcker)担任美国联邦储备委员会(Federal Reserve)主席。
　　While it is difficult to isolate the impact of OPEC's 'dollar diplomacy,' there can be little doubt it contributed to the Carter administration's policy shift on inflation, including the defense of the dollar in August 1978 and ultimately the appointment of inflation hawk Paul Volcker as Federal Reserve chairman in 1979.

　　陷入“美元陷阱”的国家不再像最初那样封闭。中国似乎正在采用欧佩克的一些做法，呼吁建立新的全球储备货币，以及与巴西和俄罗斯讨论不使用美元进行交易的方式。
　　Nations caught in a 'dollar trap' are not as confined as it might first appear. China appears to be using some of the OPEC playbook, calling for a new global reserve currency and discussing ways to trade with Brazil and Russia without using the dollar.

　　虽然作为美国最大债权人，中国能对美国的经济政策产生重要影响，但这也让中国容易受到美国其它债权人举动的冲击。9个国家（或欧佩克这样的国家集团）共持有至少1,000亿美元的美国国债。可以想像一下其中一、两个债权人对美元失去信心，抛售大量美元资产的情形。这一举动可能会引发信贷挤兑，因为惊慌的债权人会试图在美元崩溃前抛售美国国债。
　　While its position as the largest U.S. creditor gives China important influence over U.S. economic policy, it also makes China vulnerable to the moves of other U.S. creditors. Nine countries (or groups of countries, such as the oil-exporting nations) hold $100 billion or more in U.S. Treasuries. It is possible to imagine a scenario in which one or two of these creditors lose faith in the dollar and sell a significant portion of their dollar assets. Such a move could spark a credit run, as panicked creditors attempt to sell Treasury bonds before a dollar collapse.

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