Western sanctions imposed on Russia in 2022 have particularly hastened the process of de-dollarization, causing “many other nations” to realize that “they could be next if they run afoul of the U.S. on certain issues.”

One has to consider at this point that "abandoning the dollar" -- for nation-states who find themselves on the US enemies list -- means creating a smaller list of dollar-holders holding devalued dollars, and a larger list of non-dollar-holders who no longer have to worry if their dollars and dollar-denominated assets are being devalued.

(As regards nation-states who find themselves on the US enemies list, what initially comes to mind are the African nations who have rejected French colonialism and are now asking for Russian assistance.)

Sure, dumping the dollar probably means heavy financial losses. But, afterward, there will be no sense in worrying about something that's already happened. I wouldn't be surprised, however, if at some point the Chinese dump their dollars and dollar-denominated assets on the open market.

This is a long video (over an hour), part 2, a continuation of their discussion last week. I didn't know that Radhika Desai and Michael Hudson had written a book exploring this topic together. The second half of the video discusses the historical and future economic characteristics of an international payments system and the scope and methods of the potential BRICS approach to an alternative central banks payment system. The impression I get is the Pepe has the vision of the potential end game, and that Desai and Hudson focus on the technical requirements to get there. The wide ranging conversation goes from the erosion of the US centered system of geopolitical hegemony to the economic focus of an alternative multipolar system. I cued the video to about the 25 minute point to start. I didn't listen to the viewer question part yet at the end at 55 min. Desai says China could trade bilaterally based on the ruan but a BRICs basket of currencies would be far more advantageous.

In the earlier part of the video, at one point, Pepe discusses integration of North Korea and South Korea into a Eurasian based BRI system with China and Russia by getting China to build high speed rail to both because they have the technology. South Korea already has high speed rail KTX. Former President Moon Jae-in, and industrial interests in South Korea had already planned this very thing and had discussed it with North Korea in 2018. They had gone so far as to get permission from NK to conduct pre-construction surveys to connect rail line routes on the east and west coasts respectively (that are cut at the DMZ). The US objected to this economic project because it "violated the sanctions." Other joint economic North South economic ventures were obstructed by the US as well. "South Korea get in 'lock step!'"

(Source- Channel A News, youtube July 11, 2018 screenshot)