Maintain the dollar’s purchasing power and quit confiscating other countries’ dollar reserves and nobody would be thinking about abandoning the dollar. From Patrick Barron at mises.org:
The US government is aghast that there is a new grouping of nations that seeks to form an alternative to the US trade bloc and trade settlement system that uses the dollar. These nations have been driven to this extreme, time-consuming, and difficult project by clueless US leaders who have imposed sanctions on Russian assets (literally stealing them) and have denied Russia and other nations from using the SWIFT messaging system for trade settlement.
In this way, the US hopes to preserve the dollar’s premier status as the world’s reserve currency and its world leadership based upon the dollar and its military might. I have a better, cheaper, and more peaceful way to accomplish these US goals (i.e., remove every incentive to leave). It’s as simple as that. At a minimum that means preserving the purchasing power of the dollar and ending the policy of confiscating the assets of other nations, even those with whom the US has serious disputes. In other words, end coercion and begin real world leadership based on trust and fair dealing.
You see that the Swiss aren’t in any hurry to lose their safe banking status saying that using the frozen assets of the RF violates their constitution.
The former west brought this on itself with the my way or the highway attitude.
Breaking from Moby Dig:
Fellowship Of Doom