The dollar’s global dominance is defended by creditor nations, not only Washington

Evidence

People often ask when the dollar’s reign will end – and whether it might even be replaced by the Chinese yuan as the world’s reserve currency. But this question neglects a crucial fact: the dollar’s reign has suited most countries, including China, just fine. … It is a fallacy, therefore, to think that the dollar’s only defender is the US. Anyone who tried to end the dollar’s reign would be equally resisted by German industrialists, Saudi sheikhs and European bankers. The last thing French and Dutch exporters would want to see is the elevation of the euro to the dollar’s throne. The only governments who have ever truly desired the dollar’s demise are those directly threatened by Washington’s attempts at regime change. … As for the people, the one population who stand to gain the most from the abolition of the dollar’s global role are working-and middle-class Americans. — Yanis Varoufakis, Technofeudalism, 584

Categorization

• XREF: Ties to the Dark Deal and surplus recycling mechanism established earlier in this chapter and in the broader platform-capitalism critique; also connects to reserve-currency debates in international monetary economics. — connects to: Global wage suppression was engineered to boost dollar profit rates — Yanis Varoufakis, Technofeudalism: What Killed Capitalism, 199; Foreign-backed monetary systems subordinate a state to that foreign country. — Fanny Pigeaud_ Ndongo Samba Sylla, Africa’s Last Colonial Currency, 369; Currency issuance is inseparable from national sovereignty
• QUESTION: What would a post-dollar de-dollarization transition actually look like, and who in the creditor bloc would suffer most immediately?
• corroborated: 2 independent passages support this claim — Yanis Varoufakis, Technofeudalism: What Killed Capitalism, 584

Broader Connections

• Foreign-backed monetary systems subordinate a state to that foreign country. #expands (0.78) — Fanny Pigeaud_ Ndongo Samba Sylla, Africa’s Last Colonial Currency, 369
• Currency issuance is inseparable from national sovereignty #qualifies (0.72)