As long as we maintain the reserve currency all is ok. Russia tried to get a bric system up and is paying the price. China has a better chance to do it and may use that in their Taiwan coming escapade. Putin over shot his runway in Ukraine albeit they can probably achieve a level of achievement unless dummy here commits our military which would be a disaster. Meanwhile we are dell eating our resources aiding the proxy war. China is getting stronger. Interesting times.
China’s financial system is opaque, nobody trusts them, and their deficit in proportion to GDP is comparable to ours, so I don’t see the Yuan taking over except in trade between China and a few countries they trade with like the currency swaps they are doing with Russia now. China is no threat we can easily shut them down at any time, both economically and militarily. Russia on the other hand has a deficit of only 30% of their GDP compared to the over 100% of GDP in western countries, Japan, and China. Plus Russia can back theirs with hard assets they are rich with oil & gas reserves and strategic metals, which is one of the major reasons we are screwing with them now in our proxy war in Ukraine.
Russia has no need for a financial reset like all the countries in the West do and that is the crux of the issue here. The old saying “all wars are currency wars (or bankers wars) applies here too, and Russia is already trying to link their Ruble to gold. I think the fiat dollar is on it’s way out, future currencies will be linked to commodities and economic production. The only thing holding the dollar up at this point is because the vast majority of worldwide debt is in dollar denominated debt, so dollars are required to pay it. But that is slowly winding down, only 60% of international trade is now down in dollars and that % is going down year by year and that trend is accelerating. That’s why the neocons are pushing WW3 to keep control and remove Russia as a treat. That is the big picture of what is really going on, all the rest is just a smoke screen.