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A full-blown dollar crisis on top of a credit crunch and a weakening economy would be frightening.

It would send financial markets reeling and tie the hands of the Fed,
perhaps forcing it to raise interest rates even as recession looms.
This system (often known as Bretton Woods II) has thus propped up the dollar. But...
The Economist print, editorial 29/11 2007

The first step is for American policymakers to pay more heed to their currency. For all their talk about a strong dollar, American officials have behaved as if they cared little about its worth. A reserve currency is supposed to be a store of value; by running a huge current-account deficit America has left the dollar vulnerable. At such a tricky time, benign neglect will no longer do.
For the moment, this need mean little more than some carefully chosen words.

If the slide becomes chaotic, it could demand currency-market intervention and a willingness to hold back interest-rate cuts for the sake of the dollar.

Full text

Interesting times ahead for all
Rolf Englund, Letters to the Editor,
Financial Times, November 6, 2000