In this photo illustration, one dollar bills are seen displayed Exorbitant Privilege
The U.S. dollar has dominated global financial markets since the end of World War II. Almost 60 percent of global foreign exchange reserves are held in dollars, with the euro a distant second at around 20 percent. Around 90 percent of transactions in foreign exchange markets are invoiced in dollars, as is half of international trade. Reinforcing the dollar’s standing is its status as a safe haven currency during times of crisis. For example, during the Great Recession of 2008 and the Covid-induced financial crisis in 2020, […]
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