logo
episode-header-image
May 2025
26m 14s

Is the reign of the dollar over?

NPR
About this episode
For decades, dollars have been the world's common financial language. Central banks everywhere hold dollars as a way to safely store their wealth. Countries, businesses, and people use it to trade; around 90% of all foreign exchange transactions involve dollars. It's the world's money, the world's "reserve currency."

But what if that is changing? What if the world stops seeing the dollar as safe?

Today on the show, what is a "reserve currency"? Why is it the dollar? And if the dollar falls from favor, what will replace it?

This episode of Planet Money was produced by Emma Peaslee with help from James Sneed. It was edited by Marianne McCune with fact checking help from Sierra Juarez. It was engineered by Kwesi Lee. Alex Goldmark is our executive producer.

The Dollar Trap by Eswar Prasad
Exorbitant Privilege by Barry Eichengreen
Our Dollar. Your Problem by Ken Rogoff

Find more Planet Money: Facebook / Instagram / TikTok / Our weekly Newsletter.

Listen free at these links: Apple Podcasts, Spotify, the NPR app or anywhere you get podcasts.

Help support Planet Money and hear our bonus episodes by subscribing to Planet Money+ in Apple Podcasts or at plus.npr.org/planetmoney.

Music: NPR Source Audio - "Virtual Machine," "Fake Blood" and "Successful Secrets"

See pcm.adswizz.com for information about our collection and use of personal data for sponsorship and to manage your podcast sponsorship preferences.

NPR Privacy Policy
Up next
Today
The history of light (classic)
How do you measure human progress? Light is the answer.For thousands of years, getting light was a huge hassle. You had to make candles from scratch. This is not as romantic as it sounds. You had to get a cow, raise the cow, feed the cow, kill the cow, get the fat out of the cow, ... Show More
21m 6s
Oct 31
Is this how the great international borrowing spree ends?
In recent months, there have been serious whispers about an outrageous possibility: that one day soon, France — the seventh largest economy in the world — might not be able to pay back its debts. Right now, protesters in France are complaining about crumbling schools, the lack of ... Show More
25m 51s
Oct 28
Politicians are afraid to fix taxes. So 100 citizens tried.
Connecticut’s property tax system has been broken for decades and the politicians have failed to fix the problem. So now, they’re trying something new: a citizens assembly. (Citizens assemblies are also old. They go back to Ancient Greece, when lawmakers were chosen not through e ... Show More
30m 31s
Recommended Episodes
May 2023
The dominance of the US dollar
For over 80 years the US dollar has been king when it comes to global trade, is that beginning to change?We look at how the US dollar came to dominate global trade, ask what happens when a country runs out of dollars and explore why countries like China, India and Russia are star ... Show More
18m 53s
May 2023
Will The U.S. Dollar Collapse As a Reserve Currency? - History of World Currency Explained
<p>Do you think the U.S. dollar will collapse? Social media and geopolitical developments fuel the future of the U.S. dollar as the world&#39;s currency. Will it remain dominant, or will it be replaced? Only time will tell. In this video, Patrick Bet-David predicts the future of ... Show More
12m 24s
Jun 2023
Preparing for a Post-Dollar Era
<p>We asked Bain’s leading macro expert whether the dollar’s status as a global reserve currency is really under threat.</p> 
13m 2s
Jul 2025
Can The Dollar Be Dethroned?, with Ken Rogoff
<p>Americans are often told that they benefit from the privilege of the dollar serving as the world's currency. A strong dollar makes imports cheaper, facilitates demand for American companies, and is tied to cheap government borrowing. But what happens when this powerful privile ... Show More
57m 42s
May 2025
Watch the dollar!
Things aren’t looking so good for the U.S. dollar. Though it’s spent decades as the world’s reigning reserve currency, it’s been weakening lately thanks to tariffs and uncertainty in the U.S. economy.But its declining value, has been in the making for a while, according to Harvar ... Show More
28m 43s