The majority of all global trade is done in US dollars. The US dollars that are outside of the US are referred to as Eurodollars. Eurodollars came about after World War II when the United States started to import goods from other countries. In July 1944, the Bretton Woods agreement, established by 44 nations, promised that their central banks would maintain fixed exchange rates between their currencies and the US dollar. This agreement established the US dollar as the reserve currency of the world.
Today, most of all global transactions are done in US dollars. In this video I discuss the significance of the US dollar and the impact of a lack of US dollars and high global debt.