The US is currently the world's defacto global reserve currency, and is used for trading between most nations. It began with the Bretton Woods system established after World War 2, wherein a group of 44 nations agreed to peg their currencies to the USD, and the US would peg the USD to gold.
However, due to spending in the vietnam war, the USD lost a lot of it's value in the early 1960s and was seen as overvalued. This led to a run on its gold reserves, which then prompted President Nixon to declare a suspension of the Bretton Woods system and then replace it with a freely floating fiat currency system.

In this episode we have guests Mohal Joshi and Nirav Kanodra.  Mohal Joshi is a columnist and podcaster with the India Rising Podcast. He is interested in geopolitics, defense, politics, and macroeconomics. Nirav Kanodra is an investment banker based out of Singapore with extensive experience in sales and trading. Nirav is a regular on the Weekly and on many Economy related podcasts.