On first order effects yes, but first order effects are not the whole story. If this severely blows up markets, it wouldn't matter that we prevented inflation for a few months. The response to that blowup would probably be massive stimulus and therefor future inflation.
> Let me ask you this, if the world does wish to replace it, what currency will they chose? Really. Look around. Everyone is printing money.
A single global reserve currency is far from a fact of history. You could easily argue that whatever the dollar is right now, has never existed before. I don't think Sterling maintained hegemony through anything like petrodollar recycling.
So what currency will they choose? Probably a lot more currencies. Why shouldn't Japan trade oil in Yen. Why shouldn't China trade oil in RMB? Thing have already been moving in this direction for a long time anyway.
No other currency replaces the dollar. A more complicated system is what replaces the dollar.
It's not like there are other countries out there who both have the capacity to be the worlds reserve currency and are financial role models. If the US gets serious about fighting inflation, we might face a recession, but our currency would be very strong.
Let me ask you this, if the world does wish to replace it, what currency will they chose? Really. Look around. Everyone is printing money.