[mooreds]

This may be a useful link: https://carnegieendowment.org/chinafinancialmarkets/56856

tl;dr: If you want to "own" the financial system, you need to be willing to be an importer of last resort, follow the rule of law, have deep financial markets, a freely exchangable currency, and freely tradeable debt. You also have to be willing to accept either rising debt or unemployment.

These can cause pain to countries who have them. Here's a quote from the piece:

"The one thing both sides agreed on, however, was that the US enjoyed an advantage because of the reserve currency status of the US dollar, with some people even assuming that the US was somehow repressing the ability of Europe, China and Japan to gain the advantage for themselves. No matter how many times the US engaged in policies that tried to shift the benefits to those countries, or these countries engaged in policies that prevented them from receiving the benefits, it was somehow clear to both sides that reserve currency status is a wonderful thing that everyone wants but only the US is allowed to have." (Emphasis mine.)

[spiralx]

The status of the USD has also been called the "exorbitant privilege" in part because times of crisis lead to a strong USD and hurts US companies - even when the crisis is entirely unrelated to the US. US policy for well over a decade now has been to encourage other reserve currencies to reduce this exposure.

https://www.brookings.edu/blog/ben-bernanke/2016/01/07/the-d...