How the US Dollar emerged as the global reserve currency in the post-World War II era

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For the past 80 years, the US dollar has dominated as the global reserve currency. From Europe to Australia, central banks, corporations, and travellers rely on the dollar to facilitate international trade and financial transactions. Its supremacy underpins the global financial system. Today, the dollar is the most widely held reserve currency, playing a role in an estimated $6.6 trillion in daily transactions. Oil, despite efforts by OPEC+ and China to diversify pricing mechanisms, remains priced in dollars — just like most major commodities. However, discussions about ‘de-dollarization’ have gained traction in recent decades. Driven by US sanctions and a...