That's the present. What about the future? The USD can't be the world's reserve currency forever. What happen's when demand for oil is 50% of what it is now? What happens if oil starts to be traded in terms of some other currencies? What happens if the numerous countries whose currencies are pegged to the dollar decide to peg them to the yuan instead?
That can be said about any export. What if other countries don’t want it anymore? Well then you have to diversify. Looj at Russia or Venezuela and how oil prices affected them. That’s their “dollars”.
But if the USA is able to keep doing machinations around the world so that the dollar is demand for 200 years, eg by just making it the most stable currency, then their dollars and treasuries will literally be the thing that they trade for everything else. Like what if a bank goes insolvent... ok but what if it doesn’t, then everyone wants to use its money and credit.
The USA also lobbies for strong IP protections and international treaties because that’s another one of its exports.
Manufacturing and raw materials are actually less likely to remain a comparative advtantage than this artificially enforced stuff.
