It doesn’t really make sense for countries or unions (e.g. EU) to decide to base their trade of the USD and keep a lot of their foreign reserves as the USD if it isn’t backed by gold. Wouldn’t this just mean that a lot political power is given to the US because they have the ability to arbitrarily set the value of trading currency if it isn’t based of a real-world resource like gold ?
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The USD started being gold backed and that’s originally what got everyone on board. It was later pulled off the standard, but was still one of the more stable currencies. Countries currently still us it because of stability, it shrinks in value over time less than other currencies and the few other countries that tried to create a gold back currency were… liberated.
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