Did you see this? https://carnegieendowment.org/chinafinancialmarkets/79641?utm_medium=rss&utm_source=rss Another angle on the same kind of issue, basically treating the inelastic demand for a reserve currency as a tax base.

I don’t buy the argument that we can expect to endlessly benefit from reserve currency status. At some point, people will look at other reserves. Central banks can use dollars, Yen, Euros, whatever; if they don’t think dollars will buy as much as they used to, they’ll rotate out of dollars, and that can quickly feed on itself — the value of a currency is the strongest signal about its future value.