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We created the rules under which the global economy operates, the U.S. dollar is the world's reserve currency and we are the world's only military superpower.

This is not to overstate the case; the U.S. dollar remains the global reserve currency, and the West still controls the levers of the most essential diplomatic and monetary institutions worldwide.

While foreign nations have used dollars as their reserve currency, that could change if the U.S. does not adopt more sensible spending habits, he said.

He also said that while the US dollar's role as the world's number one reserve currency was "safe today" he thought that "everyone has to do things to make sure safety occurs. When we ride a bus or a car or plane, we put on a seatbelt".

Trashing the international order would gut the dollar as a reserve currency, rattle the stock market and return us to the instability of the 1930s.