I understand the United States’ role in the global economy, with the Intranet origin being a US Govt. project. But still, why is this the standard? Is it just culture being the answer?
(100% willing to accept DMs that are not ELI5ed)
In: 3
It’s not. USD is one of the largest global trade currencies, but it’s not a “standard” nor is there one. However, given the size of the US economy, trade flows and importantly petrodollars paid for mostly Middle Eastern oil, there’s just a lot of dollars around. But if you are in say Germany, Poland or Bosnia, your reference global currency will the the EUR, if you trade a lot with China you’ll want to know what your local exchange rate with RMB is, and if you are building a foreign currency reserve you’d want to add JPY, GBP and CHF in the mix too.
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