Exorbitant Pillage

November/December 2025, Opinion: "The U.S. dollar has dominated the global economy for more than seven decades. Roughly 90 percent of foreign exchange transactions today involve the dollar. The overwhelming share of international trade—including 74 percent in Asia and 96 percent in the Americas—is priced in U.S. dollars. Dollars account for 58 percent of central bank reserves held outside the United States. Around the world, private holdings heavily favor dollar-denominated assets."