The most recent Arthur Hayes blog post on 'exit liquidity' struck me as very insightful.

https://hackernoon.com/exit-liquidity

I think he characterises well what's happened over the last 3 decades (in particular how 'financial repression' in China and Asia generally was perhaps the key dynamic driving economics in the West), and his assessment of exactly what 'de-dollarization' might look like (including what already happened) looks about right to me.