This, from the article, is an interesting angle on what happens when the dollar loses hegemony as a reserve currency:
Investment strategist Lynn Alden writes in a detailed analysis titled “The Fraying of the US Global Currency Reserve System” that there will be short-term pain, but, in the long run, it will benefit the U.S. economy. The subject is complicated, but the bottom line is that reserve currency dominance has resulted in the destruction of our manufacturing base and the buildup of a massive federal debt. Sharing the reserve currency load would have the effect that sanctions are having on the Russian economy – nurturing domestic industries as a tariff would, allowing the American manufacturing base to be rebuilt.
That’s a take I haven’t heard before. In theory, it makes sense – but only if the people in charge of U.S. policy don’t have it as their goal to take America down and keep it down. There’s certainly at least one Globaloney faction that’s not interested in the U.S. having a manufacturing capacity (other than military). Dr. Farrell has said Mr. Globaloney’s power base is the U.S. and so reshoring industry is something Globaloney will have to do. I’m not convinced that’s how Globaloney sees the world, but time will tell…