If you read any financial newspapers right now, the big talk is inflation. US inflation is on the rise, although the Fed downplays its severity. Inflation in the US affects everyone unless you are in North Korea because all countries export and import their goods and services using US dollars.
US dollar is The Reserve Currency of the world, but have you ever wondered how it got that way? Was it by random events? And what was the reserve currency beforehand?
I read a marvelous article by Lyn Alden that put all of this together: The Fraying of the US Global Currency Reserve System. It is a long article, but it is so well worth a read. Before this article, I never really understood the term “petrodollar” and how it was and still is the financial system that the world is running on. Before this article, I did not comprehend how my country of birth, Indonesia, suffered the 1997 Asian Financial Crisis. I remember seeing a marketing leaflet for a bank offering 66% interest for a fixed-term deposit. The numbers were written in bright pink, chubby looking font. Nowadays I will be happy if I get 2% for my deposit.
In this article, Alden goes further than just exploring history. She predicts how other currencies can become one of the reserve currencies in the future. I read many of her writings and have found her to be so thoughtful on the macro level.
Give it a read if you have half an hour. I will re-read it too with you.