At the end of the day, youre just moving an amount from one ledger to another. Its all digital now too. A reserve currency was always a technological issue. SWIFT is largely just FTP servers.
The fall back for a long time was that half of the problem was exchanging money between two countries, and then shipping the goods relied on a strong blue water navy.
The U.S. doesnt have the lead it used to in either area.
Sanctions didnt help either.
Another issue is the ongoing attacks on the rule of law and the courts. There was a reason why Russians kept so much money in British banks, it was the trust in the institutions that caused the inflow.
Its like a perfect storm to destroy your currency credibility.
The fall back for a long time was that half of the problem was exchanging money between two countries, and then shipping the goods relied on a strong blue water navy.
The U.S. doesnt have the lead it used to in either area.
Sanctions didnt help either.
Another issue is the ongoing attacks on the rule of law and the courts. There was a reason why Russians kept so much money in British banks, it was the trust in the institutions that caused the inflow.
Its like a perfect storm to destroy your currency credibility.