The Myth of De-dollarization
Why?
1. It is a myth until the alternative arrives.
2. Economic Order/Global finance is US Dollarized (look at the share of the US dollar in the global economy and global financial transactions. Also see the percentage of the SWIFT payments in U.S. dollars).
3. Currency wars will occur once its waning is visible. We don’t see any. Its not about the Dollar, it is actually about the Bretton Wood System that propelled the US to the status of Super Power.
4. The world trusts the Dollar, and prevailing stability results from this trust.
5. There is no alternative yet, even the early signs are absent.
6. The US along with its allies will raise the cost of the alternative. Even China does not want to go against this economic system that helped its economic miracle.
7. The Swift system is controlled by the US, smelling any disruption, the US would cut access to the capital market.
One should not equate the promotion of local currencies with ‘de’ word. Promoting regional countries is just an expression of political dissatisfaction mostly led by Russia, India, China, South Africa, and Brazil, etc. Keep in mind US is a superpower not because of the Dollar only, there many other elements of power, allies, and geopolitics at its disposal should it face any economic threat. See for instance the weaponization of networks that control the information flow – what happened to 5G of Huawei, China?