This article highlights the impact of postwar international monetary regimes on the domesticpolitical economy in the United States. It demonstrates that the dollar' 's key currency status and US paymentdeficits to supply liquidity have created both the seigniorage problem in the mechanism of liquidity creationand the benign neglect problem in the mechanism of adjustment. These institutional defects in the postwarinternational monetary regimes, moreover, have affected the United States in three distinctive ways. First, theFederal government has regarded its policy autonomy as a top priority and pursued its policy goals with heavydebt financing. The resulting budget deficits and Federal debts were the major sources of the global glut ofliquidity. Second, the US financial industry has emphasized its competitiveness in credit creation, securitizingvarious assets in society, lending out money with high leverage, and escaping from government regulation.This contributed directly to changes that accounted for the outbreak of the subprime loan crisis. Third, affectedby the dollar's key currency status, the US manufacturing industry led the development of global production.This nurtured the global glut of saving in export-oriented countries and ОРЕС (Organization of the PetroleumExporting Countries). As multinational corporations invested heavily overseas, the job-creating capacity of USmanufacturing was seriously weakened.