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The speaker expresses concern about actions taken by Russia and China to establish alternative reserves and conduct transactions in non-US dollars. They highlight that the US dollar is currently the predominant choice for the world's principal reserve currency, attributed to the United States' democratic institutions, liquid markets, the rule of law, and the dollar's historical value retention. While other countries may seek to promote different currencies, the speaker argues that the dollar remains the preferred option for international commerce due to these advantages that other nations do not possess.