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?
In: 19
Because the US is the largest economy in the world, as well as among the most stable economies in the world. Just like English has become the main international language, the USD has become the default international currency.
Latest Answers