I mean, on the hand though, the Dollar is still one of the more stable currencies in the world right now in terms of inflation (even if it is on the grounds of "everyone else is worse" rather than "we are better"). And while the Middle East is technically accepting trades in Yuan, most people dont because the dirty little secret is the Chinese place a ton of restrictions on how you can use Yuan that make it obnoxious and impractical to use for trade compared to Dollars. Which is why you typically only see one deal or two and then the trade goes back to Dollars.

Your overall point about ESG running out is true though. Companies were more than willing to cover their losses with ESG loans when the interest rate was 0%. But now that they actually have to pay interest, the ones who have loans are scrambling to figure out how to cover the cost and other companies just arent bothering in the first place.

It is a lot like how the Hollywood studios who cheaped out on writers (coughDisneycough) are now starting to suffer the consequences of that action where a ton of their movies are bombing and they are losing money hand over fist, while those who actually put effort into good writing and stories are seeing billion dollar movies.