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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Watch “[Global Currency: The Dollar Ain’t Going Nowhere](https://youtu.be/LiR54FPQiCs).
TL;DR – other currencies lack one or more characteristics needed for a reserve currency. E.g., can’t transfer it out of its home country, can’t be freely exchanged, not enough of the currency in circulation.
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