The question of whether the dollar can be unseated from its international currency dominance is somewhat like asking whether the BJP in India which makes its Hindutva platform the main policy in a Hindu majority country, could be displaced from power and governance.
The common answer to both is: “Yes, when a replacement is found, but not so soon.” Once a replacement is found in both instances, the lessening of the influence of the dollar and the Hindutva doctrine as practised by the current Indian government will follow and end up considerably weakening its protagonists. What will lead to this happening? In the case of the dollar, weaponizing it through sanctions placed on hostile countries and regimes whose number increases with autocratic rule and internal assaults on democratic pillars, encourages interests to hasten to find an alternative currency whether real or digital. With the BJP their downfall will come with their utter failure in economic governance and inability to deal with real, everyday problems like inflation, poverty and unemployment. Would this lessening or total crumbling of the dollar’s hegemony and the BJP’s power and control be a totally good thing? Not necessarily in the case of the dollar, says Canada’s CBC in this very interesting article on issues that have already been put forward but which in this opinion piece, is put very simply, in regular reader’s terms. CBC News : The U.S. has unleashed weapons of financial destruction, and economists are watching for long-term fallout https://www.cbc.ca/news/world/us-reserve-currency-1.6382567 Roland. Toronto.
