This seems to confuse the currency for the actual economic activity. The US doesn't "wield the dollar", they can do things like limit trade or access to banking.
That's what the author means but the biggest leverage from the dollar is not as a tool but just the fact that provides cheap debt. The US has enormous amount of leeway with debt issuance relative to other nations who's currencies will fluctuate wildly depending on economic circumstance.
Cheap debt actually creates it's own problems but it's a 'good problem' to have.
Cheap debt actually creates it's own problems but it's a 'good problem' to have.