The U.S. dollar is treated as a permanent feature of the modern world. When markets panic, investors buy dollars. Governments overwhelmingly hold their reserves in dollar-denominated assets.
Around 90 per cent of foreign exchange transactions involve the dollar, while roughly 40 per cent of global trade is invoiced in it. Oil is priced in dollars, debts are settled in dollars, and financial crises are measured against the dollar. The currency has become so deeply embedded in the global economy that imagining a world beyond it feels almost impossible.
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