When there was serious talk about a basket of global currencies as the new standard, the USA said No. Everyone else was interested.

Fast forward many years, and that No is and will lead to global destabilization because the USA does not believe in sharing; it does not want an international platform on which it has to behave itself. It does not trust any other power.

Poor world therefore because it is stuck between a rock and a hard place. We can see how the USA is the more benevolent one, and yet it is as power hungry as old empires; the USA does not want to change itself.

The USA does not have a good track record seeing itself. After WW I, it did not realize it had become the new global power and another World War followed because the USA did not take the lead to do the right thing. Then after WW II, it did the right thing and helped colonies of other old empires become independent nations.

Only when the USA looks in the mirror will it have a chance to help move the world in the right direction. And, No, the USA is not the ultimate direction of the world; its devastating inequalities spread out everywhere and for everyone to see are not a good standard for the world. And had the USA said yes to a foundation with a basket of global currencies, the USA could have played a real good role. But it would have changed the USA (for the better, though the wealthy would have needed to share a little more than today).

It's not the dollar. It is the power.

When Germany rivaled the British economy just before WW I, the markets trembled. It wasn't the Pound or the Mark; it was the power. The UK did not want to share the world with anyone additional. So they lost, while the story is that they won twice.

The USA will likely become to China/India what the UK is to the USA/EU today. Once power moves, the extras move, leaving a smokey story in place.