Issuing the world's reserve currency is a mixed blessing. Mish agrees with Michael Pettis that the disadvantages outweigh the advantages and the US should lead the charge away from the dollar as the global reserve currency.
"The reality is the US would be better off (and so would the world), were the US to lose reserve currency status. Nonetheless, don't expect it any time soon. China is not ready and Europe is in the midst of a sovereign debt crisis that will not go away for years."
Read the whole post: Bogus Threats to US Reserve Currency Status: No Country Really Wants It!