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IMHO as long as the Fed Reserve prints dollars to buy up the unsold T Bills, China and Russia will attempt to set up an alternative to the US dollar for trade settlement. I do not think China and Russia can replace the widely used US dollar, but they can set up a competitive system, that will grow as more US dollars are printed and the world slowly realize the US cannot pay back all their debt.
The US gov does have an option to continue financing the deficit without printing more money. It is call financial repression. It was used after WW2 to pay off the US war bonds. It simply worked by offering average Americans two investments, basic savings account and T Bills. Japan sort of practiced this method in the last 25 years without her economy having hyperinflation despite her gov debt is equal to 200 percent of her GDP. Ninety percent of Japanese T Bills are brought by her citizens. The US can prolong the world reserve currency of the US dollar by scaling back printing of dollars and making the US citizen buy the T bills financing our deficit. The amount of money that Americans put into IRA and 401K plans if diverted to T Bills, plus the huge pile of money in these funds were converted to T Bills, the US Fed Reserve can cut down the dollar printing and finance the US deficits for decades.
Add the revenues the US gov can collect from fracking oil/gas plus financial repression, the US maybe able to maintain deficit spending for decades and still defend the reserve currency status of the dollar. This approach will allow the Fed to keep interest rates low for a long time and help the banks to de-leverage any bad investments. Some experts feel the Fed Reserve has not disclose all the liabilities of US banks in unofficial overseas exchanges like Dark Pools, Boutique Banking, etc etc that are not monitored by the SEC or Treasury. The biggest obstacle for the US gov to carry out this policy is the US gov has not figure a legal ground to force Americans to convert their pension funds and savings into T Bills.