Kissinger convinced the oil producing countries in 1977 to conduct the oil trade in dollars and that expanded to all international trade be done in dollars. Since then the USA encountered a trade deficit with Japan and being an ally of the USA started buying US bonds and buying up properties in the USA.
The US industrial production were extremely negatively affected when instead of exporting goods they expected manufacturing industries to low wage countries. Instead of being exporters of industrial produce the USA became importers of food and industrial produce from foreign countries.
The period of trouble in economy did not exempt the USA from showing economic decline.of industry. The main industrial states with massive factories called the industrial heartland of the USA became the Rust Belt where close factories showed the degree of industrial decline and that gradually showed in the US economy,
In times since 2000 the USA economic decline the USA started printing dollars and reckless pace. The shortfall of indutrial good production in the USA caused an increase in freign held dollars. the foreign holders of US Dollars and of US bonds (also granting laons to the USA when sought by the US Government.
The system was economically unhealthy. There were signs of the countries holding bonds; property and granting loans to the US Government increasing the Federal debt also exceeded the GDP of the USA and that caused increasing unease . The situation could be sustained while the USA had. The respect for the USA could be sustained a long as the USA had stable and strong governments.
The first signs of decline in governance and of bribery and corruption in Government circles became an issue under Obama and Biden was regarded as part of the corruption mechanisms in the US Government. the Trump Administration put US interests first and maintained a system where the USA was never really under attack by Foreign countries, do that was the situation when Biden took over.
Distrust if the inherently weak perception increased and Biden - whom they knew was not only weak and foreign governments realized that the policies of Biden was generally hopeless and they started to fear that the USA would undermine their own security and was economically unsustainable. What was going on is that an increasing number of countries felt threatened by the Biden Administration and they tried to maintain their own security and financial viability by the USA. That is the reason for the rush of countries previously allies of the USA to join the BRICS setup and get away from the US dollar system governing international trade.