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Today’s topic is how the U.S. dollar became the king of all money. Or as I like to call it: ‘The story of how America accidentally became the world’s favorite wallet.’”
Now, full disclosure: I did not study economics. I did, however, once sell 400 Funko Pops on eBay and that feels similar.
Let’s begin.
[Chapter 1: Once Upon a Time, Everyone Liked Gold]
Back in the day—like the 1800s and early 1900s—money wasn’t just green paper. It was gold. People trusted gold. It was shiny, heavy, and if you swallowed it, you knew you were rich and constipated.
So every country said, “Let’s back our money with gold!”
That meant: 1 paper dollar = a specific amount of gold.
This was called the Gold Standard, or as I call it: “The financial version of holding hands during a fire drill.”
But then... World War I happened.
And then... The Great Depression happened.
And then... surprise, World War II happened.
So by 1944, every country was like:
“OKAY, OKAY, LET’S JUST PICK ONE MONEY AND PRETEND THAT’S THE BOSS.”
[Chapter 2: Enter the Bretton Woods Buffet]
In a hotel in New Hampshire (because world domination always starts in a boring hotel), 44 countries gathered for what was basically a giant financial potluck called the Bretton Woods Conference.
The U.S. stood up and said: