Is this the end of the dollar as the world’s reserve currency?

Democrats; the party chosen by an uninformed, poorly educated electorate. TD

 Mail & Guardian Online.  "Do the Ukraine war and the action of the US, EU and UK spell the end of the dollar as the world’s reserve currency? Even with the peace talks recently held in Turkey or the proposed 15-point peace plan, as the Financial Times had reported earlier, the fallout for the dollar still remains. For the first time, Russia, a major nuclear power and economy, was treated as a vassal state, with the US, EU and UK seizing its $300-billion foreign exchange reserves. 

"Where does this leave other countries, who also hold their foreign exchange reserves largely in dollars or euros?

Supply chain worries

"The threat to the dollar hegemony is only one part of the fallout. The complex supply chains, built on the premise of a stable trading regime of the World Trade Organisation principles, are also threatening to unravel. The US is discovering that Russia is not simply a petrostate as they thought, but that it also supplies many of the critical materials that the US needs for several industries as well as its military. This is apart from the fact that Russia is also a major supplier of wheat and fertilisers.

"Seizing Russia’s funds means that the faith in the US as the world’s banker and in the dollar as the global reserve currency is in question. Why should countries maintain any trade surplus and bank it abroad if that surplus can be seized at will through sanctions imposed by the West? 

"The promise of a dollar as the world’s reserve currency was that all surpluses in dollars were safe. With the seizure of the Afghan central bank’s $9.5-billion, and allocating $7-billion out of it, the US has shown that it considers the dollar reserves of another country, held by the US’ central bank, as its money. " . . .