The US dollar is in danger. For decades, trading in USD (US dollars) has been the standard for almost every country on the planet. Thanks to America’s consistent economy, stable government, and growing global market share, the USD has become the most sound currency on earth. But things are starting to change. USD dominance is being threatened by BRICS countries (Brazil, Russia, India, China, and South Africa), looking to ditch the dollar for a currency they control.
But why are most countries trading in USD? When was USD chosen to be the world’s reserve currency? And what does “reserve currency” even mean? Dave Meyer breaks it down in this episode of On the Market, as he details the history of USD dominance, the post-World War rise of a reserve currency, and why the “petrodollar” may be losing steam as other economies grow larger.
Dave will also go in-depth on the economic effects of leaving a USD standard, when the USD could be replaced, which currencies are competing, and why dollar dominance (probably) won’t be over anytime soon. American or not, decoupling from a USD standard could have huge effects on your investments, wealth, and spending power.
In This Episode We Cover
What a “reserve currency” really is and how the USD was chosen to be one 
BRICS' fight for economic dominance and which currency will come out on top
How the Ukraine-Russia conflict exacerbated the need for multiple reserve currencies 
Going off the gold standard and how a diluted US currency may have made things worse 
The “petrodollar” and why countries like Saudi Arabia are leaving the USD behind 
The often-untouched benefits of a non-USD-dominated world 
And So Much More!
Links from the Show
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How Does Money Work? The Complete Guide to Monetary Systems
Planet Money Episode 553: The Dollar At The Center Of The World

Check the full show notes here: https://www.biggerpockets.com/blog/on-the-market-97
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