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SW Ontario | Thanks for that great summary summary John. Like you I have been studying a fair bit about how money really works and know a lot more than I did a couple of years ago. As a Canadian, I do not wish for the dollar to lose its reserve status. Yes, the USA has had to do some bullying to maintain the dollar's prominence up until now. But what has been the alternative? Whomever has reserve status really does rule the world. The Euro tried to make a run at it but they will fail before the dollar does. I refuse to believe that a communist country or bloc of communist countries (China/Russia) could ever hold this status. I personally will retreat to a cave if this happens. I think the British are taking some brave steps that could ultimately result in the pound becoming a prominent currency once again. Although the media paints Brexit as bad for Britain (it goes against the liberal and globalist views of most media), it really is a good long term strategy for them in my opinion. They beat the Germans to the punch; they should have left the Euro long ago having carried most of the weight of the Euro economy over the last decade.
I think there will be a global economic meltdown well before there is a change in the US dollars' reserve currency status. Then we are going to find out which emperor(s)really has no clothes. There will no doubt be a shift in the strength of currencies at this point. The ruble and yuan being backed by significant amounts of gold will no doubt strengthen. But will this be enough? The US is supposedly a free and capitalistic society that is extremely economically resilient. As you know the Fed and the people who rule your country have caused it to be almost as centrally managed as a communist country would be. I for one will be watching with popcorn in hand to see how this all plays out in the near future.
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Dollar as reserve currency
