Well, I’ve been saying for years that when the Petro Dollar falls that so too will the ability to “sovereignty” spend money into existence. When no one abroad actually needs your fiat currency for anything you’re just a step away from no one wanting it.
Of course expect the spendthrift so-called “progressives” to blame people who actually made useful things in the course of their lives for any woes and not their useless, unproductive and counterproductive elites as they double down on stupidity.
The governing elites will certainly continue to eat first even if no one else is eating.
Washington DC, the American left and the deep state have lived high on the fiat US dollar, overspending and leveraging America's long-built stability and economic strength.
Destruction of the US dollar as the major world-reserve currency means bankruptcy of the nanny state, particularly at local levels like IL, CA, NJ, etc...
And while that's a good thing, the Left is in ascendency in the USA, so they will double-down on socialism and state power as things get worse. They could make it extremely ugly.