The author in this paper tries to answer the question of status of American dollar as the world’s reserve currency in the context of American economic and political power in crisis conditions and new positioning of leading world countries. Is the thesis still relevant - dollar as world reserve currency has been positioned there as a result of historic conditions, developed American financial market, and confidence in stability and value of that currency? The paper analyses the relationship between trade deficit and collapse of dollar, export of American crisis to the rest of the world, hidden and concealed inflation, American capital market, American debt, implications of power sector prices fall, dollar, euro, Yuan and Yen. The intriguing issue is how much dollar as reserve currency has been a blessing and/or a curse to the USA. The destiny of dollar in the conditions of recession of American economy has also been discussed and the emerging of BRICS countries, as well as, inevitability of establishing of a new monetary system and introduction of reserve world currency.