The Central banks made a laughing stock of themselves post the 2008 meltdown. Revelations regarding the nexus between mortgage companies, insurers, investment banks and the regulator should be enough for anyone to never dare to trust them anymore.

What the article says may very well be true. Their is a resurgent China which is making things difficult for US and other Western countries. The US/ West cannot cut down on their expenses without risking the scenario of a Russia/ China dominance or being seen as weak in the wake of of Jihadist terrorism. This brings us to a situation where they need to print more and spend more. This is very similar to the examples given in the article.

If this does happen, it'll be a painful and long process. In today's connected world, we don't want this to happen. If a decision has to be taken on replacing the reserve currency, can it be taken without hurting world stability? I don't think it's possible for such a thing to happen in a non-violent, prudent decision kind of way.