> I believe that the near-term de-dollarization isn't as much trust erosion as it is a tool to provide monetary penalty for behaving in unpredictable ways.
Monetary penalties are different from trust erosion in that they are the test of whether trust can be restored, ie you are acting very unpredictable => I am going to show you I'm paying attention and hit you with a penalty and watch your response. If you continue to show you are unpredictable => I plan an exit so that I don't _have_ to trust you, ie trust erosion.
Ultimately if there's too much unpredictable behavior the pain endured will become higher than the pain of eroding trust... which if trust was truly eroding would be signaled by establishment of monetary systems independent of the US, probably with the International Monetary Fund as a base, backed by at least India, China & Europe.
The difference is emotionally based retaliation vs. reassessing risk. And it's about money, so it's for sure not about emotions. The financial world isn't run on anger and emotions, like the White House.
How is that different from trust erosion?