The current financial system demonstrated its inefficiency in 2008, but USD is still a reserve currency. Why should Covid-crisis be much different? The entire world is entering the recession too. It isn't the dollar apologetic polemic, it's a fact that there isn't a worthy alternative to replace it.
I've also read some analytics about the possibility of returning to the gold standard. If it actually happens, it will stop the dollar from free fall and made it the better reserve currency.
There is indeed not a better alternative but gold standard isn't making a comeback neither.
If we go back to the gold standard these are the possibilities:
1-They'll refuse to audit their assets. > instant
red flag
2- They'll let it to be audited but they'll cheat by hiring their own guys. You won't be able to see the gold yourself. > can go smooth for a while. tether is doing it already with btc/usd
(Seeing don't mean shit anyway, you need random samples from the bars)
3- Everything will go smoothly but then, gold will be banned completely except for the industrial usage. > didn't work before
USA already went with the 3rd option before and it didn't work.
Why did they choose the 3rd? Because they knew the first 2 options were straight outta dumb.