If you look at the actual numbers, you'll find that USD dominance is still unchallenged.
BUT, there is definitely way more chatter about alternative payment options, including from well-placed government sources and central banks in important non-west allied countries.
It's now a matter of "when", not "if" when an alternative currency pops up, maybe a BRICS currency.
I believe the war in Ukraine has permanently damaged the USD's dominance in the medium to long term.
The use of a supposedly neutral financial network (SWIFT) as a sanction weapon will make other nations who aren't on good terms with the U.S. and the West (and not just the "usual suspects" but many nations in Africa and South America too) seeking alternatives.
As previously mentioned, Bitcoin is a viable alternative. But there may be others. In any case I see nations ganging up to create an alternative to the SWIFT network, potentially undermining its usefulness.
The SWIFT network has been used that way against Iran in 2012 though. These sanctions have been lifted in 2016 and this usage has probably disappeared from popular awareness because of that.
Why would countries that don't plan to commit genocide need to be bothered by SWIFT cutting off countries that commit genocide? In fact, this is a good thing for countries that don't want to be genocided as it provides an additional incentive against genocide.
Because who knows what’s on the list of excommunicatable offenses. Today it’s war of aggression, 40 years later on not enough diversity and inclusion could qualify, or the eagle knows what else. Hope for the best prepare for the worst.
> "No one knows with certainty how many people have been killed and wounded in Iraq since the 2003 United States invasion. However, we know that between 184,382 and 207,156 civilians have died from direct war related violence caused by the U.S" [0]
Is it only a genocide if a non-western ally does it?
I'm sure you were outside the embassy calling for Indonesia to be added to the OFAC list when they started massacring East Timorans. Or when Turkey invaded North Cyprus.
BUT, there is definitely way more chatter about alternative payment options, including from well-placed government sources and central banks in important non-west allied countries.
It's now a matter of "when", not "if" when an alternative currency pops up, maybe a BRICS currency.