ELI5- Why did all the countries just accept the US dollar to be the international currency?

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I mean,it could’ve been any other currency🤷🏻‍♂️

Edit: Not like “international currency” more like for trade and stuff

In: Economics

2 Answers

Anonymous 0 Comments

During World War II, the U.S. supplied the Allies and got paid in gold propelling the U.S. to the largest holder of gold. After the war, countries linked their currencies to the dollar, which was linked to gold. The gold standard ended, but the dollar’s reserve status remained.

Would be nice if the US no longer used the Dollar’s reserve currency status as a political lever to further it’s foreign policy goals though.

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