Some of that power comes from things like US Treasuries being rock solid, and this is the sort of thing that could change that. There are other players out there and other ways the world could trade and fiance.

There's a LOT of reasons for them to not want to do that, and the status quo benefits a lot of other powerful players as well, but screwing up treasuries would be a quick way to change that math.

We are still too powerful, but we're squandering that power alarmingly fast. We have destroyed diplomatic soft power. Our software industry used to be able to rely on getting 50% of their revenue outside the US, but we can't be trusted now, and that market can no longer be counted on.

One can get away with being an asshole only so long.

Maybe so, but our weakness is that we depend on new debt to finance our government spending. If investors stopped buying that debt, the US government would have to make sudden, dramatic spending cuts.

And that's not a problem that's solvable with military might! "Investors around the world are declining to buy US government bonds" can't be bombed the way an oil refinery can be.

Reserve status is based on confidence. The US can't bomb markets into trusting the dollar. They've already begun diversifying away from it.

It's not a problem when other nations borrow in the fiat currency. They're being taught to seek alternative, more tolerable regimes to invest in. Once they establish a better alternative they won't come back.

Some things feel impossible until they happen.

We seem to be lacking in military might lately, and are increasingly losing economic might.

Bingo! Any country borrowing in its own sovereign currency cannot default on debt in that currency, unless it actively decides to do so for political reasons.