About international finance architecture - old and new

There is an article from Asia Times Online - US dollar hegemony has got to go by Henry C K Liu (published 5 years ago).

Some quotations:

"The current international finance architecture is based on the US dollar as the dominant reserve currency, which now accounts for 68 percent of global currency reserves, up from 51 percent a decade ago".

"Ever since 1971, when US president Richard Nixon took the dollar off the gold standard (at $35 per ounce) that had been agreed to at the Bretton Woods Conference at the end of World War II, the dollar has been a global monetary instrument that the United States, and only the United States, can produce by fiat".

"World trade is now a game in which the US produces dollars and the rest of the world produces things that dollars can buy. The world's interlinked economies no longer trade to capture a comparative advantage; they compete in exports to capture needed dollars to service dollar-denominated foreign debts and to accumulate dollar reserves to sustain the exchange value of their domestic currencies. To prevent speculative and manipulative attacks on their currencies, the world's central banks must acquire and hold dollar reserves in corresponding amounts to their currencies in circulation. The higher the market pressure to devalue a particular currency, the more dollar reserves its central bank must hold. This creates a built-in support for a strong dollar that in turn forces the world's central banks to acquire and hold more dollar reserves, making it stronger. This phenomenon is known as dollar hegemony, which is created by the geopolitically constructed peculiarity that critical commodities, most notably oil, are denominated in dollars. Everyone accepts dollars because dollars can buy oil. The recycling of petro-dollars is the price the US has extracted from oil-producing countries for US tolerance of the oil-exporting cartel since 1973".

"In order to act as consumer of last resort for the whole world, the US economy has been pushed into a debt bubble that thrives on conspicuous consumption and fraudulent accounting".

Author suggests:

"The starting point is for the major exporting nations each to unilaterally require that all its exports be payable only in its currency, so that the global finance architecture will turn into a multi-currency regime overnight. There would be no need for reserve currencies and exchange rates would reflect market fundamentals of world trade".

If my understanding is correct, the idea is - exporting nations unite and ask their own currency for the export.

And what if the network will emit oil & gas money?

The networking meanings build the concepts and reality behind them

You know that every explanatory dictionary usually has many meanings for one term. You may prefer first meaning, another one prefers the second one, etc. And where is truth? I usually solve this problem by creating a chain of meanings - something like my definition of Knowledge (you can built yours).

If the meanings are "networking", this fact says that we deal with a concept that can reflect or built some reality:

Concept - an abstract or general idea - a scheme - a systematic plan for a course of action - doing something for a particular purpose.

For example, it would be useful to compare the different concepts, including Knowledge Management concept.

Unfortunately the attempts to define Knowledge Management terminology go not further voting and average values in result, which are fictive values by their nature - don't or can't represent reality (or can't create it) and we see that.