FAQ about post-USD international commerce:

1. Every other country sucks, What is the credible alternative? Answer: commodities are the credible alternative

2. But commodity cannot be bought without USD. Answer: Not true. Many trades have already been done with rupee or yuan or ruble, dirham

3. But those currency are bought using USD. Answer: Not true. For example indian laborers in the UAE sent a lot of Rupees back to India, and it used to be the case that UAE bought that rupee using USD, which UAE got by selling oil. Now the UAE government directly sends oil to India for Rupees. It is cheaper to do rupee remittance to India by selling oil for Rupees without jumping across two bid ask spreads involving USD

4. But those currencies are pegged to USD. Answer: A peg is not automatic it has to be defended by non-US central bank. They do it by selling US treasuries to the Federal Reserve to buy USD which is sold again to buy back non-USD currencies. Many countries do this using their trade surpluses which are currently stored using US Treasury but slowly being converted to commodities because US treasuries are falling in price because Fed is hiking rates (a.k.a lowering the floor price Fed is willing to buy in the bond auction). By not involving USD in all subsequent international trade, foreign demand for US treasuries (to store trade surplus) reduces, and this lost foreign demand is provided by the Federal Reserve. Slowly foreign use of US treasuries subsides and the offshore use of USD (through money multiplier effect of US treasuries as collateral) also reduces. Eventually the pegs of foreign currencies to USD breaks and they become gradually more pegged to commodities