Looking at some possible scenarios for the post US dollar reserve system world -
The SDR / Special Drawing Rights of the IMF is still a possibility. The SDR was created in 1969 when the dollar reserve system was in trouble. By 1971 the Bretton Woods system collapsed, and the US pivoted to the Petrodollar system as the new quasi 'backing' for the dollar. But the SDR was the other possible solution.
Today, the dollar is in big trouble again, with the US debt approaching crisis levels, global de-dollarization, and countries using gold as their main central bank reserves instead of dollars / US Treasuries. If a dollar crisis occurs in 5 years or so, the new China / BRICS non-dollar payment system could likely step into the void, using gold for settlement of trade imbalances. But if a major dollar crisis hits sooner, the SDR could be the go to replacement.
So one possible scenario --> before the new China / BRICS system gets fully established, the US deliberately induces a global dollar crisis. Since countries are still mainly on the dollar system, they would have no alternative but to accept the SDR as the only way out of the crisis. The US would no longer be the undisputed top dog of the global financial system, and would have to share power, but it would be much better than having China / BRICS as the global top dog.
While this is just a scenario, it would have to be implemented sometime fairly soon, before the new China / BRICS financial alternative can become fully established. So within in the next several years.
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