You’ve probably seen the headlines:

“The Dollar is Dying!”

“Collapse is Coming!”

It’s the same story every few years, usually when there’s some new global crisis, or the stock market takes a tumble. And while it’s smart to pay attention, it’s also smart to keep these fears in perspective.

On February 2nd of this year, I created a video discussing four reasons why tariffs may be beneficial to US stocks and markets. On April 8th, that may have looked a little foolish, but time and patience have proven no inflation concerns have manifested themselves, select manufacturing is coming back to the United States, and we just cashed a check for $80 billion last month in new tariff revenues. Below you can see the CPI (consumer price index), the PPI (producer price index), and the US PCE (personal consumption expenditures), all falling near their 2% target. But too-late Jerome Powell and every other Wall Street economist will tell you it's coming, just wait and see. These are the same people that told us all about 20 of the last 3 recessions we've had in the US. I think their Cheerios' milk is constantly sour.

And their next trip up their bag - the US Dollar is dying or dead. Here's a chart of the US Dollar Index over the last five years. One big round trip. Meaning, nothing gained, nothing lost.

That's too short, John-Mark. Be like Joe Biden - Build Back Better or be better - ok my apologies - let's look at 10 years.

Time for a Snickers? Satisfied?

Look, I won’t sugarcoat it—America has challenges: rising debt, political dysfunction (as I write this today the Democrats are trying to stop a massive tax incentive for the middle class by reading line-by-line the 943 page document to delay the vote and put in jeporady the July 4th timeline, which is undoubtedly needed for tax advisors and financial planners like us so we can implement and plan around these changes), trade disputes. But the idea that the U.S. dollar is about to vanish from the world stage and trigger some doomsday scenario? That’s more hype than reality. Let’s break this down so you can see why the so-called “death of the dollar” is mostly an overblown narrative designed to scare you into bad decisions.

Below are six reasons the dollar isn’t going anywhere anytime soon:

1. No Other Currency Comes Close

People love to talk about China’s currency or the euro stepping in to replace the dollar. The truth? There’s no credible replacement.

• The euro accounts for about 20% of global reserves. But Europe is politically divided, and their bond markets are fragmented.

• China’s renminbi can’t freely move in and out of the country (capital controls), and the government manages it too tightly for the rest of the world to fully trust it.

• Other currencies like the yen, pound, or Canadian dollar are simply too small in scale.

  
  

Until there’s a currency with the same deep markets, trust, and liquidity as the U.S. dollar, the dollar’s role as the world’s reserve currency remains secure.

2. The U.S. Economy Is Still the Biggest Show in Town

The U.S. economy represents roughly a quarter of all global output. It’s powered by a combination of entrepreneurship, strong laws, and unmatched innovation. When things get rocky around the globe, investors don’t rush into Chinese bonds—they flock to the safety of U.S. Treasuries. The closest safe asset in my mind is the German bond, yet they like the size and scale to be the worlds reserve currency.

Yes, America’s debt load is big—more than $36 (see chart below) trillion—but that doesn’t automatically mean collapse. The dollar’s reserve status actually allows the U.S. to borrow more cheaply than any other nation. And compared to Japan’s stagnation, China’s heavy-handed policies, or Europe’s slow growth, the U.S. remains the most stable, dynamic economy in the world (see point six below).

3. It’s Hard to Break Old Habits

The dollar dominates because everyone uses it. In fact:

• About 88% of all foreign exchange transactions involve dollars.

• Roughly 60% of global trade and debt is denominated in dollars.

  
  

Imagine trying to convince every central bank, multinational company, and investor on earth to switch to another currency overnight. Not going to happen. These network effects and the sheer inertia of global finance mean that even if the dollar’s role shrinks a bit over time, it will still be the backbone of the system for decades. Your grandkids are more justified in worrying about this than you are. It doesn't mean you shouldn't be proactive with your voting to ensure fiscally responsible people are put into positions of authority.

4. De-Dollarization Is Mostly Talk

Yes, countries like Russia and China are experimenting with trading in their own currencies. But these efforts remain limited:

• China still owns about $2 trillion in U.S. assets.

• Non-dollar payment systems are tiny compared to the dominant SWIFT network.

  
  

Sure, the dollar’s share of reserves has declined from about 67% twenty years ago to around 58% now—but that’s gradual diversification, not collapse.

5. Short-Term Swings Aren’t Long-Term Trends

Headlines about tariffs, sanctions, and Fed policy often fuel the “dollar death” story. For example, during the 2025 trade tensions, the dollar dipped about 9%. But guess what? It bounced back—like it always does.

Long term, the dollar has been remarkably strong, rising about 40% against other major currencies between 2011 and 2022. Central banks still buy U.S. Treasuries because they’re liquid, safe, and backed by the world’s largest economy.

6. America’s Innovation Engine Keeps the Dollar Relevant

At the end of the day, money follows productivity, innovation, and opportunity. And no country on earth has a stronger track record of reinventing itself than the United States.

• The U.S. leads in technology, biotech, artificial intelligence, and energy innovation—industries that are shaping the future of the global economy.

• The dollar is backed not just by today’s economy, but by the expectation that America will keep creating the next big thing.

• Venture capital, global talent, and entrepreneurship still flow into the U.S. at levels other nations can’t match.

  
  

In short, the dollar remains king because it represents a country that keeps moving forward, even when it stumbles. As long as the U.S. stays at the forefront of innovation, the dollar will continue to be the currency the world trusts and uses. Why is the AI innovation happening in the US? Why are humans like robots, that will soon mow your lawn, wash your dishes, and provide companionship to those in nursing homes and other shut-in situations, being developed (chips), designed, and rolled out in the US? In Austin, Phoenix, and San Francisco, how can you safely drive from your work to your favorite restaurant and then back home, with a driverless car? It's because we have been blessed with innovation like the world has never seen, and we are about to get a significant level up, the likes of which we have only seen during the advent of the internet. According to industry expert Dan Ives, we're only in the second inning of the AI revolution—and don't let his creative attire fool you; this guy is the number one expert in U.S. AI and tech research. Watch a short video on that here.

Why You Keep Hearing Doom and Gloom

Let’s be honest: Fear sells.

• Negative headlines generate clicks.

• Pessimistic predictions feel “smart” because they sound cautious.

• Social media algorithms love to feed you the scariest takes.

  
  

This is called negativity bias. We humans are wired to pay attention to bad news. In ancient times, it kept us alive—today, it just fuels anxiety.

The Bottom Line for Investors

Could the dollar’s share of global reserves slowly decline over the next few decades? Sure. But will it vanish overnight and plunge the world into chaos? Highly unlikely.

The U.S. still has:

• The largest, most innovative economy

• The deepest capital markets

• The military strength and alliances that underpin trust in the dollar are likely the primary reason I didn't discuss it. We saw this strength manifested last Saturday evening.

  
  

So if you’ve been tempted to pull your investments out of the market, hoard cash under the mattress, or rush into speculative alternatives because of scary headlines, take a breath. Over the long haul, the investors who stay focused, diversified, and patient are the ones who build wealth.

At Whitaker-Myers Wealth Managers, we help clients plan through all the noise—good markets, bad markets, and all the media hype in between.

Remember: Fear is not a strategy.

Stay steady. Stay informed. And keep moving forward.