Pakistan, April 18 -- In the vast theater of global trade, a silent drama unfolds every day: the United States buys real goods and services from across the world, not with hard-earned commodities or gold-backed guarantees, but with paper dollars-printed in abundance, backed by confidence, and accepted globally as the world's reserve currency.

For decades, this privilege has placed the U.S. in a position of unrivaled economic power. It can run persistent trade and budget deficits without suffering the traditional penalties other countries face, such as currency depreciation or reserve depletion. With over 58 percent of global central bank reserves held in dollars, according to the International Monetary Fund, and more than $7.4 trillion i...