The multi country scenario is compounded with negotiations for Global resource backing needed of acceptable assets and terms to assign them. This takes it all into the conflict zone with the Fed and its adverse history.
Other national blocks are seeking to negotiate via the World Bank, IMF and direct deals to distance themselves from further US dependency. As evidenced with London becoming the key Yuan Trade Market outside of China. The world is now reshaping. New alliances. Backers are now reconsidering new US exposure and assessing monitoring controls after a century of visible abuse. The world is taking stock and reducing US exposures. The old treaties expired 2 years ago. The world is in limbo.
There is a changing of the Guard, but who will now guard who? Real world, real issues. But as yet, no real answers. Major Wealth Owners are stepping with caution. It takes time for decisions. Issues are hugely complex. We all have to allow the process to unfold. It all will in its time.