It will be interesting to see what the BRICS+ might propose at their August meeting.
If they just initiate a new consensus currency they use amongst themselves, for trade alone, it will be bad for the US and the USD.
If the back that currency by ANYTHING tangible, not necessarily gold, but any sort of commodity which is currently bound by dollars, it has the potential to rapidly destroy the USD in a lot of international trade...and maybe more.
Who would want to stay in USD which are backed by NOTHING, cost NOTHING to make in the trillions, and which is being diluted at a rate of 10%-20% every year? Holding wealth in USD is only for dimwits; and everyone but the dimwits knows it. A multi-country, policed, restricted by ASSETS currency, actually used in large scale trade by 30% of the GDP world or more, would destroy the USD as the worlds' reserve currency....
This is coming sooner or later. For the most part I hope it comes later, because sooner would be personally very uncomfortable to me. That is, I think I would be caught in the undertow even if I sidestepped much of the initial tsunami.
But it is coming. And as it comes, it will extinguish the USD ... and the US itself...as we know it. The thrill of your Forever War/ GI Joe "strategy" with things like battleships and one war after another could turn mighty sour, mighty fast.
Childhood's end.
"Experience keeps a dear school. But a fool will learn in no other." -Benjamin Franklin
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