This is a pretty good analysis of what is going on. However, like so many of these, it completely leaves out the political dimension. Or, more appropriately, the moral dimension.

The good thing about the dollar being the reserve currency of the world has been that 1) the trade policies of the US have been transparent; 2) the political/moral views/policies of the US have been transparent and largely a force for good; 3) the domestic monetary policies of the US have been transparent and relatively uninfluenced by domestic politics.
In the Trump era, all the above has ceased to be the case. This is the real problem and this writer hopes it is a one-time anomaly.

That people are talking about moving away from the dollar as a reserve currency and looking more and more at a multilateral (amoral) replacement is worrying. One thing should be clear: having autocratic corruption-ridden states such as China and Russia as significant influencers in global trade and monetary policy is a giant step away from a better world. Cheering on and abetting such a prospect is tantamount to handing criminals the justice system.

That monetary policy, trade, human rights, and political organization are becoming part of the “decentralization” movement that is driven by naive cryptocurrency libertarians and neo-Bookchinites is truly scary. Divorcing these from their moral implications and consequences will make the hated supposed shortcomings of the current system like a wonderful world. And sorely missed it goes away.