Many explanations I read come down to “almost everyone uses the dollar in international trade”, ” almost all energy is invoiced and paid in dollars” and “almost all international financial flows go through NY one way or the other”, but that just seems a restatement of the fact that the dollar is the reserve currency of the world. My question is: why? How did it end up that way?
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There’s a really good episode of the Planet Money podcast from 2014 that explains the actual story:
https://www.npr.org/2022/03/09/1085605288/the-dollar-at-the-center-of-the-world-classic
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