How many times have you heard that the US dollar will collapse because of Fed and fiscal policy? According to the pessimists, this will bring the loss of reserve currency status, and possibly the rise of China.
Replace China with Russia, and it sounds like the 1970s. Inflation is out of control, energy prices have surged, geopolitical tensions are rising, and Presidents (then Nixon, lately Trump) were replaced by widely perceived weak leaders from the opposite side of the aisle.
Though all these pessimistic forecasts are related, there is one very important distinction. The dollar is not weakening, as it did in the 1970s, the dollar is surging.