Yet China (among many countries) is selling off US Treasuries at a record rate.
The value of the fiat dollar is basically derived from trade against other currencies, propped up by the petrodollar system. The petrodollar system is failing as other countries are trading oil in currencies other than the dollar.
Look at the rising petroyuan, backed by gold and trade. Venezuela and Iran now trade oil in yuan, not dollars. What is the US response to that? Just look at the militaristic threats.
On top of that, the US has driven up the debt by so much for so long that absolutely nobody believes our debt will ever be paid down.
Part of the petrodollar system is claimed to be that the US is now a “net exporter” of oil and gas. Net being the operative word. Meaning we export more oil than we import. Allegedly. It is questionable how accurate that statement is in itself, with oil piped in from Canadian tar sands. In any case, oil is one of our top three exports AND one of our top three IMPORTS. Why? To prop up the petrodollar system.
Lastly, China is trying to have their currency named a global reserve currency, though more countries than ever support the establishment of a non-national common currency. Even China and Russia support that concept to some degree. If that happens, the petrodollar and hence the dollar becomes virtually worthless.