If US debt-to-GDP is such a problem, why aren’t US Treasury rates surging and other fiat currencies surging relative to the dollar?

Allied countries will coordinate inflating away their debts. It's not like the EU lacks indebted countries and financial controls seem easier to conduct (like when Greece limited bank withdrawals for 3 years)

CNY is still pegged to the dollar, but many believe it would surge if it was allowed to float

Freelance data engineer | Backend and data engineering for Spotify, Candy Crush, helped build SF-based appsec startup | Building web3gains.com | saarw.twitter

I think @balajis.eth got the right idea that there won't be a single alternative to replace all uses of the dollar

Gold has already strengthened its role as central bank reserves. Trade deals are getting inked in CNY and Rupees

The pain in the west comes when liquidity to pay for liabilities needs to be printed>inflation

Right, so we will continue on this course until a viable alternative exists.