How the Dollar Became the World’s Top Global Currency

In March 2009, in the midst of recession, then Treasury secretary Timothy Geithner was pressed to respond on the question of whether or not another currency—possibly the IMF’s special drawing rights (SDRs)—might displace the US dollar as the dominant global reserve currency. Geithner responded that he’s open to more use of SDRs but then felt the need to clarify with “The dollar remains the world’s dominant reserve currency and I think that’s likely to continue for a long period of time.” It’s not a coincidence that this occurred in the context of financial crises, recession, and some big changes in

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