Having the dollar as the world’s reserve currency has pros and cons.  Using the dollar to denominate the majority of all oil contracts in the world for the past few decades has pros and cons depending upon the global energy demand and the quality of the US economy and financial condition at any point in time.  Some even believe that the Petrodollar issue has incited wars.  Certainly, it has affected global trade battles.   You might want to investigate the percentage of CDS contracts denominated in US dollars and whether there are any pros and cons associated with that.  The same people that told me I don’t have a clue about how wonderful Credit Default Swaps are to reduce risk, increase liquidity, increase capital and how harmless the market is because they were offsetting contracts will likely tell me that there is nothing to worry about.  Okay.  I got the message.