If the dollar’s reign as the global reserve currency is over, what should replace it?

The geopolitical and economic frenzy of the last few weeks are being interpreted by some observers as symptomatic of the end the dollar as the world’s reserve currency and the emergence of a new world order. Washington is now paying for its pandemic dollar printing spree and many other previous excesses, which has provoked a global inflationary spiral.

The BRICS nations (Brazil, Russia, India, China and South Africa) are working on a new reserve currency to compete with the dollar, which is already beginning to feel the pressure. At the same time, another major emerging economy, Saudi Arabia, is negotiating with China to build a $12.2 billion oil refinery, and has bought 10% of a Chinese oil refinery for $3.6 billion, in addition to joining the Shanghai Cooperation Organization as a dialogue partner. In addition, China and Brazil have agreed to start trading in their own currencies, abandoning the dollar, while China and France have just settled their first natural gas contract in yuan.

All of this undermines the dollar’s role as the world’s reserve currency: Saudi Arabia has been using the dollar for its oil exports since the 1970s. Now, it is open to joining the BRICS, along with Turkey and Egypt, a decision that would form an economic bloc that could have a strong say in…