BBC Sounds podcast explores the global dominance of the US dollar

The BBC Sounds program “Rethink… the power of the US dollar” examines how the U.S. currency underpins international trade and serves as a safe‑haven asset. It discusses the historical shift from the gold‑linked Bretton Woods system to the current dollar‑centric framework, the “exorbitant privilege” that allows the United States to issue debt with limited inflation risk, and the role of the dollar in enabling U.S. sanctions. The episode also considers challenges to the dollar’s status, including calls from China and other nations to replace it with alternative reserve currencies or digital assets.

Experts featured include Martin Wolf of the Financial Times, economist Barry Eichengreen, and Bloomberg’s Stephanie Flanders, who discuss the potential economic and geopolitical consequences if global confidence in the dollar wanes.