This argument is invalid because America is not a real 1st world country. It's only rich due to historical legacy of the dollar after WW2.
And since no other country with a huge diversified economy is willing to run external deficits large enough to meet foreign demand for reserves, the dollar is pretty much the only good choice. There just isn’t enough gold to clear trade in a $80+ trillion global economy.
This is merely viewing the same thing from a US-centric perspective. From a rest of the world perspective, the largest competitors in EU were destroyed in WW2 (deservedly so imo), China was nowhere and India was impeded first by British colonization and then by Bretton Woods which only focused on EU nations.
America is ahead but make no mistake that the gap is large only because WW2 destroyed other nations and Bretton Woods system was the first step in prevention of other nations from building up rapidly.