Global. I'm talking USD only. US control it's currency. It's not a proposal that's up for debate anywhere else than the US and I don't think it be much of a debate.
If the US government wants to do it, they will do it. It's simply changing the internal distribution mechanism of the US. Banks will complain sure, cause they'll have to come buy their dollars on auction same as anyone else.
Look, I'd need a degree and a few years study to be able to even begin to understand what the mechanisms, impacts and implications are to who. And I'd rather sit on the beach to be honest.
All I can say is what I've heard. Since my systems aren't predictive it doesn't really matter what happens. All I worry about is the technical effect it will have on me, in terms of margin, trades sizes, cost of trading, brokers, instruments, laws of territories to use the instruments from and so on...
Doesn't matter how I look at it, makes sense to be offshore and outside off exchange controls, so I can move bucks around in a hurry if I have to.
Ironically the safest place for US citizen to get such a company would probably be Hong Kong.