Okay, so my question to this is.....

I recall hearing news in recent years about China wanting to have the Reserve Currency of the World.

So, what if the US dollar was no longer the reserve currency?  What impact would it have on the average US citizen?

edit:  this comment caught my eye:

"Many foreign policymakers complain about the special advantage for the US, allowing the nation to run enormous trade deficits without apparent market sanction. Whereas balance-of-payments considerations constrain other countries to run tight economic policies, no equivalent constraint appears to hold for the US. This advantage is rooted in the dollar’s special role as the world’s reserve currency."

If the USA did not hold the world's reserve currency,  would the USA be forced into a position that required balanced budgets? or what is the significance of this.....  how would it play out in real world scenerios?