> American soft power has consolidated post-Ukraine
Disagree. For example USD's status as the world reserve currency is slowly starting to come into question after we used our financial system as a weapon against Russia. Other countries are starting to trade with Russia in their currency. Arab countries are starting to trade oil in non-USD. Countries like China are looking to take advantage and establish their currency as USD's replacement.
> USD's status as the world reserve currency is slowly starting to come into question
The U.S. dollar has always had people looking for a replacement. (There is a solid economic argument for America de-internationalising the dollar for domestic purposes.) It was weaker in the wake of 2008 than it is today.
> Other countries are starting to trade with Russia in their currency. Arab countries are starting to trade oil in non-USD
The petrodollar hypothesis is a debunked explanation for American hegemony, even dollar hegemony. I traded oil in pounds sterling and euros years ago--much of the world settles own way.
Also, this limited definition of soft power ignores American military supremacy, both on its own and with its alliances, which are strengthening, as well as American economic heft, which in even the most pessimistic estimates is a commanding strength through at least the 2050s, a timeline even the stupidest heads of state can see. It's this soft power that keeps the Russian hard power frontline a few miles off its border and the Chinese' a few miles off its shore.
(People also tend to overstate the real economic effects of the dollar losing reserve status, equating it with Britain post-Suez.)
Disagree. For example USD's status as the world reserve currency is slowly starting to come into question after we used our financial system as a weapon against Russia. Other countries are starting to trade with Russia in their currency. Arab countries are starting to trade oil in non-USD. Countries like China are looking to take advantage and establish their currency as USD's replacement.