Mike Kudzel

Pound sterling is the only other example of a dominant reserve currency in modern financial history. The British Empire was running trade all around the world. Reserve currencies are often associated with empire, with military dominance. And Britain was dominant.

Regular Planet Money listeners will know this story. The delegates at this meeting arrived on a big train, wearing double-breasted suits. They got their pocket squares, normal 1940s stuff.

Regular Planet Money listeners will know this story. The delegates at this meeting arrived on a big train, wearing double-breasted suits. They got their pocket squares, normal 1940s stuff.

Regular Planet Money listeners will know this story. The delegates at this meeting arrived on a big train, wearing double-breasted suits. They got their pocket squares, normal 1940s stuff.

At the meeting, those representatives tinkered out articles of agreement for a new global economic structure. International trade had broken down, so to reduce chaos between currencies and restart global trade, they needed some standard. like a common language. They needed their money to talk to each other. So in that room, they decided that basically every currency would have to be pegged to U.S.

At the meeting, those representatives tinkered out articles of agreement for a new global economic structure. International trade had broken down, so to reduce chaos between currencies and restart global trade, they needed some standard. like a common language. They needed their money to talk to each other. So in that room, they decided that basically every currency would have to be pegged to U.S.

At the meeting, those representatives tinkered out articles of agreement for a new global economic structure. International trade had broken down, so to reduce chaos between currencies and restart global trade, they needed some standard. like a common language. They needed their money to talk to each other. So in that room, they decided that basically every currency would have to be pegged to U.S.

dollars. Everything had to be convertible to dollars.

dollars. Everything had to be convertible to dollars.

dollars. Everything had to be convertible to dollars.

And since those delegates in their suits met up in New Hampshire, the dollar has become globally indispensable. The more people have used it, the stronger it's gotten. And the stronger it's gotten, the more people have used it.

And since those delegates in their suits met up in New Hampshire, the dollar has become globally indispensable. The more people have used it, the stronger it's gotten. And the stronger it's gotten, the more people have used it.

And since those delegates in their suits met up in New Hampshire, the dollar has become globally indispensable. The more people have used it, the stronger it's gotten. And the stronger it's gotten, the more people have used it.

But now economists and policymakers are debating if the reserve currency status is a good thing or if it's too much. So which is it?

But now economists and policymakers are debating if the reserve currency status is a good thing or if it's too much. So which is it?

But now economists and policymakers are debating if the reserve currency status is a good thing or if it's too much. So which is it?

Barry wrote this book about the dollar called Exorbitant Privilege.

Barry wrote this book about the dollar called Exorbitant Privilege.

Barry wrote this book about the dollar called Exorbitant Privilege.

Like Ishwar in his taxi experiments and like businesses that don't have to exchange their dollars for other currencies all the time in order to buy and sell things. Because all that costs time and money.