within reason of course. it's a position of privilege, but that position used to below to the UK. they lost that position over/after the world wars, and we got it. it is possible that doing whatever we want could push people to the euro as the reserve or the pound. it seems far fetched, but I could see a world where the euro the the world's reserve currency

The yuan may be the competition we should fear. Since we disconnected Russia from our financial systems, Russia is willing to do business with our biggest rival, China, in their currency.

Im not sure you understand what reserve currency means.

When Korea buys something from Japan, they don’t have to pay in USD. They can use whatever currency they want.

The yuan has capital controls. You can't move money freely in and out of China even (especially) if you're a Chinese national. Absolute non-starter for any kind of reserve currency idea.

For now. China has been actively working on making the yuan a world reserve currency [1], including relaxing the controls if it is adventageous.

[1] https://finance.yahoo.com/news/putin-strengthening-yuan-role...

That would require a wholesale change in the way the Chinese government wields it power.

Money flees China now despite the capital controls.

Even the Chinese would rather keep their money in Singapore, Switzerland or the US than at home.

The privilege is maintained by having the biggest military force in the world - which is why the UK used to be in that position, and the US is in that position now.

It's not inconceivable China could take over. Russia won't (lol...) and the EU doesn't have much interest in becoming militarised.

Does anyone seriously believe the US military is forcing the world to use dollars? What’s the leverage? Does France get invaded if the Euro becomes too important?