Part 2/11:
The US dollar's significance extends far beyond America's borders. It serves as the backbone of the international financial system. Even with recent efforts by other nations to diversify, the dollar remains the most widely used currency for trade, reserves, and commodities like oil and gold. Countries and corporations across the globe settle payments, hold reserves, and value assets in dollars, which grants the United States a unique form of geopolitical power — enabling it to borrow cheaply, enforce sanctions, and wield influence globally.