!BEER nice article!
Never have we seen a currency with the global reach on the scale we have today
because it is not the US-Dollar. Paying IN US-Dollar is not the same as paying WITH US-Dollar. World trade is not done in US-Dollar. And even US retail is not done in US-Dollar. Taxes are paid in and with US-Dollar. The majority of retail payments and all of the e-commerce, is done with private money like Visa, Mastercard, PayPal, ApplePay, GooglePay aka private-credit-money.
It is a seamless UX, so we don't call them "Visa-Dollar", or "PayPal-Token" but this is what they are - Stablecoins. And like all of the other stablecoins that we see in "crypto", those are not US-Dollar. They were never authorized by the fed, they are not backed by US-Dollar, there is often ZERO USA inside those money market funds.
When you buy a house or a car, then you buy it WITH credit from your bank that has credit from JP-Morgan. You can translate it into USD when you visit an ATM, but this does not make it US-Dollar. It is stateless money existing in an offshore web of banks and funds. Even its rate (LIBOR) is set in London by big private banks. Currency is a non-vocal language and the same as "English" as the world language is not the language of England, the Dollar is not the currency of the USA. The majority of English words are printed outside of England. Same with the Dollar. FED has no impact at all.