Coup against US dollar?

In a recent meeting amongst the top heads of Turkey, Iran and Russia, all pitched for a recurrent idea of trading in gold instead of accepting any other currency, especially the US dollar. They hinted that as gold doesn't carry any political baggage, it can be efficiently utilized as a potential common currency. The fact of the matter is that currently these three nations are facing severe sanctions from the United States for multiple political reasons which are in turn proving to be a huge threat to these economies. The recent fall of the value of Turkey's currency, Lira has worked as an alarming sign for the nation, which has forced them to take desperate steps. Not just Lira, the Russian currency, Ruble is also under constant devaluation and Iran is also on the same chord, the common threat of which being, as mentioned earlier, United States’ sanctions and its dollar. 
The market value of the US dollar is currently the strongest amongst every other currency in the world. In the year 1945 after the World War 2, America emerged as a valiant and technologically rich nation and was also pegged to be helpful as it was involved in helping other European nations for their re-habitation purposes. Every other nation looked up to the United States as a leader and that is when all the nations agreed on introducing a new monetary system known as Bretten Woods, under which, the US dollar was recognized as a global reserve currency. Not just this, US dollar was also linked to gold at the rate of $35 per ounce. The United States had the responsibility of keeping the price of gold fixed and had to adjust the supply of dollar to maintain confidence in the future. But soon these European nations started withdrawing their reserves, which resulted in America taking precautionary steps, such as discarding the use of US dollar convertibility to gold. This helped the USA to increase their circulation in the market. But still the amount of US dollar used was lesser by a notch. To maintain it further, the USA made a pact with the Saudi Arabia and other OPEC nations which spoke about USA giving these nations security; in return of which they were to trade their oils in the US currency. This step taken by the American President Richard Nixon again increased the use of the Dollar in the market.  This is how dollar grew and maybe this is how it will fall. The recent meeting of Russia and China during Eastern economic forum agreed on using any other currency other than the US dollar while trading. This may not affect the united nation at the moment but will certainly raise a question on the status of super-power held by the American giant as even the rising trading country; China is also posing as potential threat to the monopoly of the States. Currently 63% of the world reserves contain US dollar which is major reason as to why $ still stands strong. It would be interesting to see that how long America gets to dominate in the prevalent globalized economies of the planet.

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  2. You have done deep reserach on this issue love the way you wrote this blog keep it up

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