To end dollar hegemony, one doesn’t necessarily need a single competing currency, but rather a collection of national currencies, according to Dr. Paul Craig Roberts, a former Ronald Reagan administration official and prominent American economist.
Critics of de-dollarisation argue that no viable alternative to the US dollar has yet emerged as a dominant reserve currency. They assert that the dollar’s supremacy will likely continue for the foreseeable future. Moreover, the dollar grants the US significant control over global financial systems, including the clearance mechanism and the ability to impose sanctions, which is a key reason for its central importance to Washington.
Other nations, Roberts explains, are working to sell goods to the US in exchange for dollars to build up their central bank reserves. These dollars, earned from exports, are then often converted into US Treasuries, which not only pay interest but also function as reserves for central banks.
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