Resets + history of USD:
<1900 - bimetalism, various coins/notes, private & govt issued since Hamilton’s time at Treasury
1900 - US moved to the gold standard, making both gold and silver the legal-tender coinage of the United States, and guaranteed the dollar as convertible to gold at a fixed rate
1913 - Federal Reserve established, loose monetary policy helps fuel 1920s bubble
1933 - suspension of gold standard
WWII until c. 1947 I believe - FED pledge to fix interest rate at low rate during wartime, despite high consumer price inflation esp. post-WWII
post-WWII Bretton Woods system - Under the post-WW II Bretton Woods system all currencies were valued in terms of U.S. dollars and the USD was backed by gold (exchangeable into gold) at $35 per troy ounce (112.53 ¢/g) market price of gold, as the conversion to foreign currencies caused economic and trade pressures. By the early 1960s, compensation for these pressures started to become too complicated to manage.
1971 - Nixon takes US off gold, Bretton Woods collapses, we enter fiat world with flexible & manipulated exchange rates, pressures on central banks to go independent of politicians
1970s+ - high inflation periods, major asset bubbles, dollar’s debasement accelerates.
2008-2018 saw the biggest increase in money supply in decades (USD, EUR, Yen, Renminbi/Yuan - printing press full on on those), I’d expect another reset to come around sooner rather than later. Maybe it’ll be a reset in policy/standards + substitution into other currencies & cryptocurrencies (Bitcoin, Grin!? )
However, the USD post-WWII benefits much from being the global reserve currency as the entire world uses it as a medium of exchange and unit of account, also store of value relative to other weaker currencies, but CHF (Swiss Franc) & gold are much stronger as store of value. The US govt/economy gets seigniorage by having USD as global reserve currency. Seigniorage Definition - because the USD is so highly in demand, increasing it’s supply is even easier for the US FED/government, vs a mid-size economy where the currency is in demand mostly by domestic businesses & consumers.