It doesn't matter who/what gets it next, what's important is that we're about to take a 60-80% haircut on our standard of living. It's what happened to the British when the lost it with the Pound Sterling, and now it's our turn.

Most people don't remember what hard money is, and why it's important.[1]

[1] https://en.wikipedia.org/wiki/Hard_money_(policy)

To all the other currencies that are currently used as reserve currencies, other than the US dollar. There has never been a single reserve currency in the world.

World reserve currency was solved by Keynes and Joan Robinson in the 1940s. What you do is have a currency no country controls that acts purely for exchanging one national currency for another. Give it to the united nations or something.

If you take a national currency and make it a world reserve currency then the nation that does do has problems with balance of trade, deficits, and mathematically screws themselves over. This is because you currency becomes overvalued compared to those of over countries, meaning your domestic manufacturing has problems competing, among other things.

We already made the mistake of one national currency becoming the world currency post WW2. I hope its not a mistake the world chooses to repeat.

It will likely be a cryptocurrency or perhaps a basket of cryptocurrencies. You essentially want a way to store wealth directly on the Internet as it is the fastest and easiest way to reassign ownership of money or collateral. The nice benefit too, then is the U.S. (and no other country as well) is subject to the Triffin Dilemma.

> Do American people ever wonder "are we the baddies"?

Any American who ponders this out loud is quickly silenced with "America! Love it or leave it!".

https://en.wikipedia.org/wiki/Thought-terminating_clich%C3%A...

"Largest producer" != "largest exporter"

Absolutely no one serious thinks that, but when you feel like you need to diversify you don't have to find a like-for-like replacement. Any port in a storm.

Just consult Google. All a country has to do to find itself on the receiving end of punishing Chinese trade actions is being mildly critical of China in the wrong way, and next thing they know their exporters to China report being held up for months. The EU has taken offense at how China kicks around smaller EU members, Australia has been on the receiving end of it more than once.

If you'd said the EU might be seen as a relatively more stable trading partner, that may be true, the EU does seem to be fairly happy deindustrializing itself. Though it's fueling a rise in the fractured politics there too.

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