The overuse of financial sanctions risks much of the world losing confidence in the dollar as the world’s reserve currency.America cutting off Russia’s central bank from its U.S. dollar reserves could carry huge consequences that the D.C. establishment hasn’t considered.Here’s how the Wall Street Journal’s Jon Sindreu framed what happened: “After Moscow attacked Ukraine last week, the U.S. and its allies shut off the Russian central bank’s access to most of its $630 billion of foreign reserves. Weaponizing the monetary system against a Group-of-20 country will have lasting repercussions.”Reserves are globally accepted foreign currency that a foreign central bank holds...