My absolute favorite youtube finance person, Patrick Boyle, did a very interesting video about de-dollarization and brics recently, cannot recommend it (and Patrick) enough!
Also interesting: de-dollarization may benefit the US by increasing domestic growth and investment.
To me it is obvious that any country in the world would do systematic deficits if they could do it without tanking the value of their currency.
Emerging markets are surprisingly happy to give vast amounts of oil, gold and manufactured products in exchange for claims on overseas assets that can be frozen or devalued at the stroke of a pen.
In any case, the secular dollar shorts are a perennial watering hole for our FX community. Similar to gold or commodity ETFers.