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The speaker discusses concerns about Russia and China pursuing alternative reserves and conducting transactions in non-U.S. dollars. The U.S. dollar is currently the primary global reserve currency due to factors such as democratic institutions, liquid markets, and the rule of law. The dollar's consistent value over time further solidifies its position. Although other countries may desire to establish their currencies, the speaker argues that the U.S. dollar will continue to be widely used in international commerce because it offers advantages that the competing currencies lack.