Why is the DOLLAR the World’s RESERVE CURRENCY? – VisualPolitik EN

Why is the DOLLAR the World’s RESERVE CURRENCY? – VisualPolitik EN


You’ve heard this a thousand times: the
American dollar is the World’s reserve currency, the hegemonic currency in the world today. And we all have that “smartass” friend
who thinks he knows everything about geopolitics and says that the dollar supremacy
is… the cornerstone of the so called New World Order. The illuminati, the Bildelberg club and George
Soros are ready to do anything to keep this supremacy… at any cost… OK, OK, so if you wanna throw one of these
self proclaimed pundits off, you just need to ask him or her this question: what does it really mean that
the dollar is the hegemonic currency? I mean… how does the United States benefit from having a currency
that is being used for the international trade? Is it really that important? Really? And the most important question of all… Could the American Dollar lose its status? Could it be replaced by other currencies like
the EURO or the Chinese YUAN? Today we are going to answer all of these questions but before we
do… let’s take a look back at history. If you’ve been following VisualPolitik for
a long time, you already know that Argentina is in dire Straits and they need to ask for Money loans
from International investors. In these cases, the usual procedure is to print what we call a DEBT
BOND. This is a piece of paper that says ‘If you
give me THIS amount of money, I will give it back to you
in, say, 10 years, with interest’. So far, so good. But imagine this situation. Let’s say that you lend 3000 Argentinian
pesos to the Argentinian Government. In the moment we do this video, summer 2018,
those 3000 pesos equal 100 American dollars. But… What would happen in the year 2028? We don’t know! But chances are, the Argentinian currency
will have been devalued more and more. By then, maybe those 3000 pesos wouldn’t
even buy a bag of ‘Doritos’ This is why, international investors, smart
as they are, say to Argentina ‘Wait, wait a minute, dude… OK, I will lend you that money, don’t worry… BUT you will denominate that debt in Dollars… American dollars! This way, I give you 300 bucks and you will
pay me back 300 bucks plus interest… Understood, man?’ Yes, my dear viewers, this is how an investor
protects himself from would-be devaluations. But hold on just a second because we aren’t
just talking about Argentina! In fact, most of the World’s countries choose the greenback as the currency
in which they issue their notes. And this is why, you can read headlines like this one in every financial
newspaper. https://www.gob.mx/shcp/documentos/el-gobierno-federal-emite-nuevo-bono-global-en-dolares-a-plazo-de-10- anos
EL GOBIERNO FEDERAL (Mexicano) EMITE NUEVO BONO GLOBAL EN DÓLARES A PLAZO DE 10 AÑOS The Mexican Government will issue debt bonds
denominated in dollars to be paid in 10 years. As you can imagine, we are not just talking
about governments here. For example, anytime ARAMCO, the Saudi Arabian oil company wants to sell their
dinosaur juice to, say, India, they say ‘Wait, wait a moment, dude… what are you doing with those…
coins I don’t even know how much they’re worth… no way dude, you are paying in dollars, American dollars,
because this is a currency I trust’ This explains why 60% of the foreign reserve
currencies held at the central Banks are dollars. In the world, there over 1.67 TRILLION dollars in
circulation and more than half of them are outside US. There is no international law that says the dollar
must be the global reference. But most people trust this currency for international trade. And here it comes the real question… WHAT-IS-THIS-USE-FOR? I mean, how does America benefit from having their currency circulating all over the place? Well… it depends. If you are a company or a regular citizen… this is completely irrelevant to
you. Arguably, we could say it’s worse. BUT, if you are the American Government…
oh boy! Having the hegemonic currency is like a gift
from heaven… Why? We’re gonna tell you straight ahead! A FISTFUL OF DOLLARS We told you a thousand times here at VisualPolitik…
the worst thing that can happen to a country is HYPERINFLATION. This means that all of a sudden, prices go
sky high. But how is hyperinflation created? You also know the answer… in most of the
cases, this is a 100% monetary phenomenon. If a Central Bank starts printing money like there’s no tomorrow,
the currency devalues. But why? What’s the connection between printing money
and losing the value of that money? You see… when we talk about currency, we have to consider
it as just another product. Yes, you heard that right. Currencies work under the same principles
as oil, oranges or mobile phones: supply and demand. For example, the Venezuelan Bolivar has very little
demand. Only Venezuelans use it. So, when the Central Bank of Venezuela prints a lot of Bolivars,
this is, expands the Currency supply, the price is going to fall. This means, the currency will devalue. Nonetheless, American dollar’s demand can’t
stop growing. Everybody, around the globe, uses it for international trade. This means that the Federal Reserve has a
big margin to print money without risking devaluation. And now you might wonder… Why would the Federal Reserve want to print
more money? Well… let’s look at an example. Imagine you’ve lent 100 dollars to the American
Government. And now you want them to pay you back. So you go there and they tell you: ‘Suuuure
man!!! How much is it…? 100 bucks! No prob, dude! Just go to that building next to this one, the
one where it says ‘FE-DE-RAL RE-SERVE’ and tell them to print you those 100 bucks in just a second!!!’. This practice is called ‘MONETIZING DEBT’. And yes, when you tell things like this to
your friend, the smartass, the one who thinks he is an expert
in geopolitics, he will have no idea of what you are talking about. But the truth is that this hegemonic currency
is what allows America to issue more and more debt, more easily than any other country. And this is why it is so normal to find headlines
like this one. America’s debt crisis is coming — interest
payments will hit a trillion dollars a year Having such a big debt is not really great
news for American taxpayers. In this other video we told you why. But hold on just a second because I know what
you are thinking… is America as irresponsible with its monetary policy as Argentina or Venezuela? And the answer is… of course not! You see, all the Central Banks print new bills year after year. And not only print but generate more money
electronically. The difference is on the proportions. On this chart you can see the increase of
the monetary supply, what we call the M2 indicator of the American Federal Reserve. As you can see, the number of dollars grows
year after year. But… what happens if we compare it with the Argentinian PESO? … well, you can see the difference… and
what happens when we compare it with the Venezuelan Bolivar? I guess there’s no need to comment. In just 9 years, Venezuela has multiplied their monetary supply by 100… By 100! while America has not even doubled
it. Bonus fact: while making this chart, we decided
not to include the year 2018 because otherwise, the yellow part would cover everything. This year, the Central Bank of Venezuela has
multiplied their monetary supply by 4000. And… this is one of the reasons why the
American Dollar is the most used currency on the planet: because it is stable. While other Central Banks print money like
crazy, the Federal Reserve is pretty responsible. And now you might wonder… What happens with other currencies like the
Swiss Franc or the Sterling Pound? If there is one stable currency in the world,
it’s the Swiss Franc, right? Well… you are right. In fact, pay attention to this part of the video because
this is going to surprise you. Despite the dollar’s importance, it is not the only reserve currency
on the planet. Far from it! Check this out! A MULTICURRENCY WORLD We said it at the beginning of the video:
60% of the foreign currency reserves are held on greenbacks. But what happens with the other 40%? The second most used currency is the EURO,
which represents 20% of the reserves. After that we have the Japanese Yen and the Sterling Pound. But these are not the only ones! Many central banks have reserves denominated in Australian dollars or even
Swiss Francs. Despite not being that common, everybody appreciates these coins for their stability. But the question here is… if what you need
for a currency to have a high demand is to be stable… why don’t we use Swiss Francs as much as dollars? The answer is that there are many less Swiss
francs on the market. Think about it, Switzerland has 8.5 million
inhabitants. The United States has 300. This means that the Swiss National Bank doesn’t need to issue
as many bills. Remember how I said the World has 1.67 trillion
dollars? Well, the Swiss Franc doesn’t even have
1 trillion. This means that it is harder to find francs
than dollars for a transaction. On the other hand, America is the World’s biggest market. This means that thousands of companies from
all over the World sell their products here. So imagine you are an Australian company and
you are selling mobile phones in New York. How do they pay you? With American dollars, of course! Then what do you do with those greenbacks? You change them to your local currency. So now who will have the American cash? Of course, that would be the Australian bank where you made the exchange. In other words, the more America trades with
the World, the more dollars will circulate around the globe. This is a currency that is stable, abundant
and supported by the biggest economy. Decades ago, no other currency could be a match for the greenback. But, as you know, the World is changing. At this point, I guess you can see where I’m
going with this. At the beginning of this video, I asked you… Is it possible that the dollar will lose that
hegemony? Or, at least, be less important than it is Today? The answer is… yes. As U.S. Trumpets ‘America First,’ Rest
of the World Is Moving On We have been telling you week after week here,
at VisualPolitik… Donald Trump wants to Protect America from international trade. His first move was to cancel free trade agreements
with EU and Asia. After this, he introduced tariffs to steel so companies
like Harley Davidson are leaving the country. Trump has also announced that he was to end NAFTA, which
is the trade agreement between US, Canada and Mexico. In other words, Trump’s America wants to isolate
itself from the international market… So what does this mean? Well… it means the other countries will
have less dollars. Add to this other news… like this one. Europe’s central banks are starting to replace
dollar reserves with the yuan Or… this other one… Russia Plans Yuan Bond Sale With Sanctions
Threat Nearing But don’t get so excited, yet! It is true, the Chinese YUAN, also known as
RENMINBI, used to be an almost unknown currency in the international market. It was only used inside of China. Nonetheless, in recent years, some Central Banks are starting to
buy it. But, of course, this doesn’t mean that banks
will start changing all their dollars to yuans overnight. In fact, there are many things we don’t
know about the Chinese renminbi. Things that your friend, the smartass, probably won’t know about. But don’t worry because in the following
weeks there is going to be a continuation to this video! So don’t forget to subscribe to VisualPolitik,
and click on the bell icon so you don’t miss any posts. Meanwhile, here are some questions… Do you think the dollar can maintain its hegemony
in the following decades? If not… What other currency could be a substitute? The Yuan, the Euro… maybe the BitCoin? Please, leave your answer in the comment section
below. And please, don’t forget to visit our friends
from RECONSIDER MEDIA, the podcast that provided the vocals in this episode that are not mine. If you like this video, give us a thumbs up
and, as always, I’ll see you next time.

100 comments

  1. Russia and China as well as the U.S. know that their will only be economic wars (not military ones) from here on out due to nucluer warfare I.e. mutually assured destruction. There will be no more world wars because all that could happen is the end of mankind and the destruction of the planet due to radiation making everything uninhabitable. Unlike the wars of old that would result in geographical gains and losses, the world is carved up now. The only thing to still be gained is resources not land and those can be taken wether countries like it or not i
    Since the disparity of military might between the superpowers and the rest of the world is so vast. That's why America has created the endless war all the time with terrorists in 3rd world countries (that they wanted since the end of WWII I.E. Korea and Vietnam) but we're unable to successfully get the American spirit to submit to the endless fear and panic necessary to constantly fund an endlessly money hungry war machine, that was until Iraq. Perhaps it was due to the fact that they had learned from Vietnam that if you don't institute a draft, don't televise the war, keep the soldier body count low, and despite over 1 million middle easterners dead (that's including all dead as a result of the war. Terrorist but mostly causalities of war.)
    The goal of America is the same as Russia and China's which is to stay on top of the world by showing all the other countries that you have no problem with using your military might to get whatever you want and keep the world as well as your own populace in fear of you. It's as old as time, the difference with us is unlike China and Russia we have democracy and an amazing constitution and bill of rights so we have to to convince ourselves were in danger (once again mutually assured destruction/we're not) from China, Russia, and every improvrished, nukeless, 3rd world country under the sun so year after year we will pay an absurd amount of our GDP on the military, and elect Democrat/Republican Presidents) that are subservient to the Military Industrial Complex.

    Happy fact #1: In President Eisenhower's farewell speech to the country he specifically warned against the dangers to the American way of life if our decisions became solely based upon the relatively new (1960) obtainment of our military might. And this was coming from the the military leader of WWII

    Happy fact #2: The amount of money America paid to increase (not fund but increase) our military budget was enough to send every person that went to college to school.

  2. Thank you for your videos. I enjoy then very much. As a PhD economist, I fear to tell you that the explanation is “different” than what experts would say.
    1. Dollar dominance stems from the Marshall Plan and the dollarization of global recovery funds. The Bretton Woods regime set up a dollar-gold standard. That means until 1973, every country used dollars (or gold interchangeably) as international currency.
    2. Seigniorage. The Fed is happy to keep printing, not because it wants to monetize the debt. The Fed is independent (trust me I know personally). But because we get 1-3% of GDP of “free” real goods for these extra dollars.
    I admire your videos, and very happy to help with economics issues!
    Thanks again for the vids!

  3. This talk of Trumps so-called isolationism is total garbage. If you make a Widget in Australia are you not going to try to sell it to a population of 380,000,000 of the richest people on the planet?

  4. Because the US made a deal with middle eastern countries like Saudi Arabia so that they would only sell oil in US dollars

    There I saved you roughly 12 minutes of your life

  5. Single biggest reason why USD is everywhere is because oil is traded primarily in dollars… and US gov is making sure that it stays that way in all means possible.

  6. The sort answer is almost certainly yes.

    The long answer is it's complicated, but I think it really comes down to wealth creation, not money. Reading Revolutionary Wealth by Alvin Toffler sheds a lot of light on that aspect of it… so will the US dollar remain the main reserve currency in the world, yes probably since the majority of new wealth created in the world is now made by moving bits around.

    And the nature of information technology is that you can cut and paste it infinite times virtually for free, so the profit margins on information technology are much much larger than any other wealth creation mechanism (even resource extraction and processing, which has a high volume but not a high margin) and the US has the lead and the most resources and thus will probably maintain that lead simply because of the siren server effect (read Who Owns the Future by Jaron Lanier for a treaties on this), which is to say that the US will very likely continue to find ways to externalize risk and internalize wealth.

  7. Rotschild families and rotschild followers are evil because they give cooperation toward devil and Dajjal to control the world.

  8. What a farce.
    Completely glossing over the fact that USD is forced upon the rest of the world to buy oil. BTW India buys oil from Iran in INR. Iran refuses to play by American rules, hence the sanctions.

  9. All of the countries with central banks have designed their central bank currency so it must be printed in increasing numbers annually. The American Federal Reserve Bank aims to increase the Federal Reserve Notes by 3% annually. This as you show is less than many other central banks are doing so the Federal Reserve Notes are preferred to those other currencies.
    The Federal Reserve Note will be the preferred currency for many years to come. However, all the banks are creating increasing amounts of their currencies. This is counterfeiting. It debases the currency. All of the currencies will end up at ZERO purchasing power. All will end up with citizens who find the local grocery store and gas station will not take their currency for what they are selling.
    Zimbabwe got there before the US. Argentina, Bolivia and Japan are rushing toward Zero. The Federal Reserve Note may manage to be toward the end of the pack but it also will end up worth ZERO.

  10. Actually, Dolar as reserve currency is outcome of WW II and now abrogated Brenton Woods Treaty that basically pegged world currencies to USD and USD itself to Gold. So, now USD is reserve currency just due to perceived credibility of United States on global market and size of its economy. Money, since it was invented by phoenicians, in order to work must be universally acceptable. This is now the case with USD. If countries agree to make their trade – or even just balance the differences in any other currency – they can do it. Just having one currency to trade with everyone is convenient.

  11. U need to stop talking down on Trump. He's not looking to isolate us from the world. He's trying to keep us from getting screwed over by the world. If you have anyone that has had a factory job in USA you can't agree that shipping all the jobs to Mexico was making us great. Trade is great! but when you have nothing to sell and and only buy things eventually you have nothing.

  12. How much does this hegemony depend on the fact that the Oil producing countries price the black gold in USD ? The petrodollar system ?

  13. When China began trading with OPEC in Yuan with gold bullion as a back-up they sowed the seeds to reduce their (and anyone else's) dependence on the USD. Since the USA gold reserves are questionable it looks like it is simply a matter of when, not if.

  14. Im from the United States and I am very horrified about what our President is doing. With his policies all he will end up doing is bankrupting our nation. This is not 50 years ago where we are the big kid on the block. The world has changed and in order to keep pace with the world we can not act as if we are the end all and be all. Isolation is not a option politically or economically. Unless we want to go the way of many great nations of the past its time that the USA opens its eyes before the world passes us by. But if the world needs a stable reserve currency for exchange and the USD is no longer a viable option I believe that the EURO is the next best option as it is backed by several nations with strong economy's such as Germany. Being a citizen of the United States I hope we do not get religated to history but the world will continue to move on regardless of what we do.

  15. 2 Key and core reasons missed out: 1. global commodities are priced in USD : gold, oil, base metals, industrial metals, etc. (thnx largely to the wily Henry Kissinger who in the early 70s convinced King Faisal of Saudi Arabia to price all crude in USD) 2. The US military. If push came to shove, no one is able to challenge the US militarily.

  16. Why is the DOLLAR the World's RESERVE CURRENCY? Because the U.S. uses its massive army as a gun. Any country that does bend to its will is threatened, sanctioned and then invaded.

  17. How does $ skim wealth off other nations.. Is it obvious that $ gravitates to American product. Is the system irrémédiably mired in the dollar.. Can assets renominate if no critical mass can redirect owners to flee, shooting always themselves in the foot. Can't forget to say Obviously trust is the real currency

  18. A new virtual currency that gives 100 units per person in country and gives it to that government. So that it has a top down approach. The government gives a percentage to it's people and keeps some as needed as reserve. The unit of currency is limited not to allow inflation

  19. The Saudis don’t just like the dollar by chance, that magical political gremlin Henry Kissinger made a deal with them under Nixon to control oil trade in US dollars in return for use of US military and arms

  20. This will probably sound dumb but hypothetically, would it be possible for these countries(Argentina, Venezuela etc…) to rest their local currencies. I'm by far the furthest thing from an economist you could find so I don't know how the details would work, but like I was thinking that if let's say Venezuela maybe, decided to ban their local currency and called for a "total recall" of the bills in exchange for their worth in American dollars then in proceeding began circulating a new less monetized currency ?? idk, I'm not an economist

  21. Why ? Because USA' imperialism.
    The U.S. don't like competitors, this is why they're trying to kill the euro, ruble and yuan and they force weak countries to use dollar.

  22. Apart from the (1) stability of the currency, the real reason to keep the USD in reverse is that it (2) is widely accepted as a means of payment.

    When I was still working in purchasing, we had a lot of shipments from China to Germany that were still paid in US dollars. I can well imagine that this will change in the medium to long term.

    However, the US government will certainly not accept this in silence. Take a look at what happens to countries that wanted to trade their oil in euros, for example, like Iraq.

  23. Donald Trump is a moron. He only knows how to destroy and ruin. Good thing his own incompetency, massive laziness and near total lack of a attention span limits his ability to destroy.

  24. Yeah, he explains what a Eurodollar bond is for dummies, but doesn't explain the petrodollar, and how US currency became so prolific. I suppose it's brushed upon lightly, but overall, this video doesn't capture the true reasons for the dollar's large global presence except for the fact that the US economy is really big and has been for a while. Sigh…

  25. You mentioned Trump's withdrawal from trade deals and that reminds me. I hope you will do a show on modern trade deals that are made to be beneficial for corporations including clauses that say disputes will be settled outside of the countries involved in effect making business friendly courts that override local national law. The story I get from progressives here in the US is that these trade deals are horrible for people in the US and lead to corporation's profits being more important than the rights of workers. I am told that these treaties result in lower wages and less jobs in the US while increasing profits for large international corporations. Is that true? Is it a good idea? Can you go in depth on this?

  26. I think it inevitable that the yuan will be competitive with the dollar for exactly the reasons that you explicated for the success of the dollar. The only caveat is if China plays fast and loose with the value of the yuan. Then confidence will not be there. Otherwise, there are certainly enough transactions being made with China to make it make sense. I have to admit though, that most of the understanding I have of this comes from you.

  27. Arabian Dinar or Islamic Dinar. The Arab and Muslim countries so create a currency similar to the Euro. They can back up with oil!
    It can become the world's reserve currency the head quarters of the bank in either Turkey, UAE, or Malaysia.

    I honestly doubt it happen but it would be great! Inshallah it will.

  28. Seems like the Amount of Currency in Circulation determines the Supply (US continual Printing of USD while Venezuela depreciates) and the Use (Demand) determines the Value of USD. Similarly, Dollar Devaluation ids determined by the same factors.

  29. long-term breaking of international trade is not the goal. One of his goals was to bring more jobs back which he has 4.555 million lesard I heard. With 5 million citizens off of food stamps in the lowest unemployment rate for the last few presidencies.

    With youMexico and china both of them are not following through politically or economically or with humanitarian issues and hurting the economy is the only humane way to do it.

    Yes it is made some prices go up in the States but more companies are coming back then I've ever laughed and because of the tax cuts that has helped cut expenses for companies.

    A trade war is never ideal but China is dangerous and a currency manipulator as it is a severe human rights violator and ships out deeply inferior and defective products.

    Both Republicans and Democrats love big government as long as it's there government. They're both excessive spenders, other Republican spending tends to be more logical overall they both spend far more than the budget allows.

    If the USA can continue economic growth and the government can be cut down then the debt crisis will start to resolve itself. But that is a massive if the government will cut spending.

  30. We should also remember that part of the US Interest payments are going to the FED, wich Tunnels it back to the United States.

  31. The petro dollar props up the demand for the currency. Saudi sells oil in dollars in return the US provides military aid. You should mention this Simon!

  32. i think it should be replaced by the euro.
    the dollar depends on one gouvernment, the euro on many, and no euro country has a strongman position as the american president, who can devalue the currency just by being dumb

  33. It will be a very long time before we give up on the USD, no other financial system has the depth, China's banking system is a mess, 44T in debt, 22T is "non performing" and it sits on 2T of reserves. [sarc] What could possibly go wrong there? [/sarc] Don't bury the USD yet, that is a massive call!

  34. I don't get your news headline video format. First of all, news headlines rarely make any sense at all, so you need to understand what it means, but you never even once try and explain what they mean, you just throw them out there randomly. And what's with the red background? Screams WARNING DANGER to whatever comes next.
    All in all informative video, but you gotta do something about that habit. It's detrimental to the channel.

  35. Us Dollar= Petrol Dollar= Hence the increased demand. Does the World have choice to buy in a different currency from the Saudis??? Don''' think so

  36. u can print as many dollars as u want, and no need to worry about inflation. the whole world distributes the inflation of dollars, and Americans can enjoy their good life since they are the owners of dollars.

  37. MONETIZING DEBT
    Interest on national debt is paid with "printed" money and all of the debt upon which interest is paid is also printed. NONE of it will ever get paid back because ALL the printed money was paid OUT and is in "circulation".

    The Debt That Will Never Be Collected:
    The government issues bonds to itself and has never once demanded repayment.  It's PRINTED money! But all that printed money has not caused ruinous inflation because the goods and services bought were roughly equal to what was printed. 

    This has been going on for generations and inflation has been modest since the 1980s. (see below) If the government had not spent that money and cut spending like Greece did?  

    We might not have 25% unemployment like Greece but you tell me what would happen if we stopped printing money.  In excess of one tr./yr. at the current rate. Greece does not have adequate demographics to ever recover. 

    Inflation 60 years. 
    https://www.google.com/search?q=thirty+year+inflation+chart+us&client=ms-opera-mobile&channel=new&espv=1&source=lnms&tbm=isch&sa=X&ved=0ahUKEwjNwNyeoP7jAhVEiOAKHTeMCpEQ_AUIESgB&biw=1100&bih=696#imgrc=qsxHcnxTNoWmaM:

  38. China? Don't make me laugh.
    Golden Age 2050
    THE IRON LAW OF BAD DEMOGRAPHICS. 

    1) Only India and USA have adequate demographics for 2050.  (see charts a-d below)

    2) China is a status quo power because of demographics and 800 million people who do not live in either a tier one or tier two city. 

    3) USA now has more hydrocarbons than god. Both energy (natural gas) and industrial feed stocks (natural gas) are both plentiful and cheap.  Natural gas is a byproduct of oil fracking and will continue to be flared until pipes are installed. Peter Ziehan on hydrocarbons and demographics (1 hr) https://www.youtube.com/watch?v=BHr999RGPQw&t=28s

    a) Industrial world fertility rate bar graph (2.1 is replacement). https://familyinequality.files.wordpress.com/2010/09/globaltfrs.jpg

    b) Japan, China USA population pyramids
    https://static.businessinsider.com/image/53b2927e6bb3f7a659603d6d/image.jpg?_ga=2.184282478.936777095.1563812465-1560154508.1563812465

    c) India population pyramid.
    https://www.populationpyramid.net/india/2017/

    d) China population by city tier.
     (slow load?) 
    https://sampi.co/chinas-city-tier-system/

    China is a declining power.

  39. if the demand for dollar is always increasing why is trump withdrawing from trade agreement and make it circulate less? at a time it is being replaced with the Chinese currency as well

  40. Good video, but you've left out how the Fed is printing money from a bank account with no deposits in it! Its Fraud on a massive scale.

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