“With the dollar’s run as the world’s reserve currency now ending due to our ‘punishment’ of Russia”
Do you know what the key ingredient is to be a reserve currency? Running a trade deficit. That is why China can’t be the major reserve currency in the world. China wants to run trade surpluses, not deficits.
Trade deficits are necessary so that excess currency can remain in a foreign country. That excess can then be a ‘reserve’.
Here’s a hypothetical example using US and Vietnam.
US sells Vietnam $100 billion in goods. Vietnam sells US $200 billion in goods. US runs a trade deficit of $100 billion with Vietnam. Vietnam can then take the $100 billion and keep it as a “reserve”. They can keep cash, buy US treasuries, etc.
If the reverse was true, and US ran a $100 billion surplus with Vietnam, Vietnam wouldn’t have $100 billion in US cash to keep as a reserve.
So unless another country is willing to run a huge global trade deficit, they will never replace the US currency as the major international reserve.
You forgot the part where "US gets mad at Vietnam and seizes the $100 billion by freezing it, and levying crippling sanctions on Vietnam", Speedy...