Can the US dollar lose its global reserve position? Sure it can, but not to a country that decides to commit the same monetary follies as the Fed. Most countries are trying to out-inflate the Fed. And that's good for the Fed.
Robert Murphy defines some of the conventional “monetary aggregates,” such as M1 and M2, and gives the textbook rundown of how the Federal Reserve and commercial banking system “create money” when the Fed buys assets and the commercial banks extend new loans.
Why do we have money in the first place? Where does it come from, and what determines its form? What qualities make for a good money? What role do banks play—is it something other than what money itself does for us?
If the small sample size of monetary history is any guide, the combination of asset market crashes and high goods inflation empowers sound money forces in the political arena. At the moment, neither of those factors are in play.
Central bankers want to find a means of resetting everything, exploring solutions such as digitising currency through blockchains, doing away with cash, and finding other avenues to try to control the so-called vagaries of free markets.