In related news: https://www.cnbc.com/2021/02/01/new-chart-shows-china-gdp-co...
The world has never been lead by moral authority. It has always been lead by military and economic might, sometimes hidden under the thin velvet glove of “moral authority”.
I wonder, what will happen when the money dries out? Keyword: Dedollarisation. Russia and China are leading it, others try to follow.
Russians and Chinese themselves avoid using their own countries' currencies when abroad as much as possible because they are most aware of this. To put another way, the primacy of the dollar isn't a supply issue (something that the US directly forces), but a demand issue (it's the currency everyone else prefers to use).
(This is where you'll bring up the "petrodollar". No, the petrodollar isn't real. Well, it's real in the sense that oil is, like almost every other product, usually denominated in US dollars when sold internationally. What's not real is the theory that the US has a particular need for (say) Iraq back in the day to denominate its oil sales in dollars, as opposed to Euro. Or that Venezuela attempting to denominate its oil in yuan today surely augurs the collapse of the US economy tomorrow.)
They don't do so (or, when they do so, they also denominate in US dollars) because customers by and large prefer using US dollars. They also like using Euros, yen, and Swiss francs. (They have no problem with Canadian or Australian dollars, but obtaining it can sometimes be more difficult.) But the US dollar is the one currency that is absolutely, positively, 100% guaranteed to be wanted by both the buyer and seller, no matter where and for what.
Let me repeat: The primacy of the US dollar is driven by demand, not supply.