Even if the US modernized its financial infrastructure, it still wouldn't share the same infrastructure as Brazil, China, Mozambique and the EU.
Here's something to think about: All of a country's currency, except for physical cash, is stored inside that country. You may think an American can have a Revolut account holding Australian dollars, but Revolut just has a really big account at some Australian bank, and that bank is where the dollars really are.
When you go to Europe and use your American Visa card to buy something, the system finds someone with accounts in both continents to be the counterparty. USD travels from your American bank to the exchanger's American bank, and from the exchanger's European bank to the merchant's European bank.
How would you extend this system outside a single government? It's like saying all cryptocurrencies should share one blockchain - it's all well and good to say, but how will you actually make that happen?
Unfortunately I think you are right, this is kinda Capitalist Realism but applied for imperialism: it's easier to imagine the end of the world than to imagine that the US (or any regional power for that matter) to cooperate with their neighbors.
I think this applies however only to the US. It's possible that Europe, India, Brazil and other powers to form a infrastructure chain around US to make financial cooperation easier between international economical partners.
It's not even about capitalism. You're asking Bitcoin, Ethereum and Monero to cooperate. What do the technical details of that cooperation actually look like?
I disagree, they don't cooperate just because they operate immersed in competition. Take out competition for instance by state sponsored cooperation treaties and see the technical limitations dissolve by creating the right incentives.
I don't need to have this plan to study the VC incentive structure that powers their market competition and is responsible for the market fracture. I might even be wrong in my assessment, but not because I lack this hypothetical plan you are asking.
If other people are telling you that it's technically impossible and you can't even come up with a sketch of a technical design that works, that is a clue that it may be technically impossible.
No country will intentionally make its economy completely reliant on another country unless things are completely in the shitter (like Zimbabwe switching to US$). Even Visa/MC are a problem in Europe and they only act at the highest layers of the stack - there are plenty of ways to transfer money without relying on Visa/MC but cutting them off would already be a huge disruption.
Not sure why we sidetracked to crypto, it's not relevant for the discussion. They wouldn't be suitable for such global payment systems even if they were unified, given their volatility.
Here's something to think about: All of a country's currency, except for physical cash, is stored inside that country. You may think an American can have a Revolut account holding Australian dollars, but Revolut just has a really big account at some Australian bank, and that bank is where the dollars really are.
When you go to Europe and use your American Visa card to buy something, the system finds someone with accounts in both continents to be the counterparty. USD travels from your American bank to the exchanger's American bank, and from the exchanger's European bank to the merchant's European bank.
How would you extend this system outside a single government? It's like saying all cryptocurrencies should share one blockchain - it's all well and good to say, but how will you actually make that happen?