The loss of the US dollar’s status as global reserve currency is a nearly certain eventuality. Converting to a commodity based common currency makes sense on the surface — it’s what sound money has meant for ages.
There are complications outside of American politics and/or policy errors. Central bank digital currencies are fraught with problems, and will be seen by many as totalitarianism plus imperialism rather than as market enablers. Basel style Special Drawing Rights, which are a feature of the current central bank system, may also be challenged. Also complicating matters, the Chinese economy looks to be heading for a hard landing, and the PRC government may only exacerbate this with attempted stimulus. They may be tempted to wag the dog if continued control is threatened by economic and other disasters.
While most of the world wants sound money rather than dollar imperialism, this is probably not going to happen overnight. At the same time, when fiat currencies fail they can fail with astonishing rapidity with terrible economic and social consequences. American choices of late have been almost assured to create disaster through inane use of credit, money printing and sanctions, plus kinetic war.
The US can participate in creating a stable and honest multinational trade regime (seems unlikely at this point), which is not the same as Davos/WEF globalism, or it can be the sponsor of disaster (looks pretty likely given current leadership). It’s hard to see a third alternative, unless hopefully wise and kindly space aliens come to save us from stupidity, cupidity and hubris (very unlikely).
PS: Anyone who shows up and says, “worship me and all will be well,” is in Abrahamic religions Satan, by definition.
https://www.zerohedge.com/geopolitical/what-are-brics-planning-august-22nd-durban-accords
ATwork space 