For currencies, you may well be right. For oil, no. The green fairy dust alternatives are many decades (if ever) from being able to replace fossil fuels. But I think you're talking about the $USD. Yes, currencies have been replaced very quickly in the past (long before the digital age) and will be again.
They'll remember this one. They'll remember the entire 2020 election process and result. "You can't trust poopy joe, but you can trust poopy joe to be poopy joe."
And it's much worse with so many people glued to so-called "news" on their phones and general ADHD in our information/propaganda age. "J6 witch hunt!... Roe v. Wade will set us back 300 years! (even though it always should've been handled at the state level)... Russia-Ukraine!... Trump's a racist because, well, reasons!" They forget how much they paid for gas and how good things used to be until after they voted.
Of course we have to declare war on domestic oil (then beg the Saudis for better prices), because climate change, or something. Even though it doesn't make a dent in carbon emissions when developing countries (and communist countries that never abide by international regulatory treaties) are producing and using energy. I'm not concerned about carbon emissions anyway, but even if I were...
Saudi's won't even take poopy joe's calls. No shit. He is internationally known to be an empty suit jive turkey on the take. Saudi Arabia Chooses Putin over Biden on Ukraine to Keep Oil Prices High https://www.wilsoncenter.org/articl...putin-over-biden-ukraine-keep-oil-prices-high
Russia is only the third largest oil producer in the world. I do not believe that if they restrict supply, we are all going to be out of oil especially with US opening oil reserves right now. https://www.worldometers.info/oil/oil-production-by-country/ JP Morgan is out to lunch a bit on this one. Or perhaps it's long on oil?
Good to see US's carbon emission is now reduced. It should, after it outsourced the majority of the manufacturing to China and now India and very soon we should see a rise in carbon emission in Vietnam too.
If shortages are in play... The Euro might hyperinflate depending on severity and length of the shortage... That would be big.
The best proxy for this is percentage of foreign reserves. Here are the IMF reserves. They stopped publishing country reserves publicly (I wonder why...). IMF is an arm of the US so it isn't a perfect proxy, the real data is foreign country reserves. I'd be very surprised if they look drastically different from below in aggregate. For completeness, here are the out-of-date foreign country reserves: