> If not, shouldn't the rest of the world then also be looking out for their own interests and make sure that the dollar reserve status is undermined? I'm conf

> If not, shouldn't the rest of the world then also be looking out for their own interests and make sure that the dollar reserve status is undermined? I'm confused by most of what you wrote. The rest of the world is looking after their own interests, that's why nearly every country has its own currency. It's why the Euro exists. It's why the Federal Reserve isn't literally the global central bank controlling a single currency that everyone on earth must use. The Eurozone - for one example - is and always has been interested in promoting the Euro as a dollar-competing global currency. Russia and China, as the primary military competitors to the US (and China as the sole economic superpower competitor to the US), are persistently attempting to either compete with or undermine the US dollar hegemony. Russia hasn't been subtle about wanting to see the dollar's prominence reduced for most of Putin's time in office.