The replacement of global domination of the U.S. Dollar

The Bank for International Settlements (BIS)

The **Bank for International Settlements (BIS)**, established in 1930 and headquartered in Basel, Switzerland, is an international financial institution that serves as a bank for central banks. It promotes global monetary and financial stability through cooperation among central banks and financial authorities.

**Critique of U.S. Dollar Dominance**: Pan Gongsheng argues the U.S. dollar’s dominance creates global instability by prioritizing U.S. interests, risking crises due to U.S. debt and regulatory failures, and using the dollar for sanctions, which may concern conservatives who value both U.S. power and fiscal responsibility.

**Push for Multipolar Currency System**: Advocates for a shift to multiple currencies like the euro and RMB to compete with the dollar, promoting fiscal discipline but challenging U.S. financial hegemony, potentially alarming conservatives.

**Super-Sovereign Currency (SDRs)**: Proposes IMF’s Special Drawing Rights as a stable alternative to the dollar, but lack of consensus and liquidity limits viability, raising conservative skepticism of globalist financial control.

**Cross-Border Payment Reforms**: Highlights inefficiencies in U.S.-led SWIFT, pushing for local currency use and technologies like blockchain, which aligns with innovation but threatens U.S. influence over global payments.

**Global Financial Stability**: Notes strengthened safety nets (e.g., IMF, regional funds) and Basel III compliance, but warns of risks in digital finance and non-bank sectors, partially aligning with conservative regulatory concerns.

**Reform of Global Institutions**: Calls for IMF and World Bank reforms to reflect emerging markets’ economic weight, criticizing U.S. unilateralism, which conservatives may view as a threat to U.S. leadership and sovereignty.

**Implications for Conservatives**: Pan’s vision challenges U.S. economic dominance and promotes global institutions, conflicting with conservative priorities of national sovereignty and skepticism of globalism, despite some alignment on fiscal discipline.