The future of the dollar as a world reserve currency in new international circumstances

The US dollar is the world's reserve currency, and it is also the currency most often used for trade and other international transactions. Due to the current geopolitical, economic and monetary developments, it is evident that a large number of countries are looking for ways to move away from the dominance of the dollar, as the leading world currency. The risk of de-dollarization has increased recently, partly due to the current Russian-Ukrainian crisis, as well as American economic sanctions against certain countries, and partly due to the growing role of the BRICS countries in the world economy. This paper argues and proves the hypothesis that the dollar as the world's reserve currency and the international monetary system are two sides of the same coin, that a complete loss of confidence in the dollar leads to the collapse of the global monetary system and vice versa, as well as that the destruction of the monetary system would lead to the disappearance of the dollar. The paper elaborates on dollar as a reserve world currency, theories of money, the dollar as a debt, deficits and monetary equivalents, the dollar and free markets, the IMF as a world bank and the SDR as a world money, the demand for gold as an indicator of distrust in the dollar, new global players and the world reserve currency, BRICS expansion and de-dollarization, and it is finalised with concluding remarks.