Why It’s So Hard to Overthrow the Mighty U.S. Dollar

As the coronavirus outbreak reached pandemic status, people began panic buying staples: rice, pasta, noodles — and the U.S. dollar. The demand was so intense that the U.S. Federal Reserve stepped in to help foreign central banks and others get their hands on the greenback in March. It was a similar situation as during the 2008-2009 financial crisis, when calls grew louder for an end to the global dominance of a single currency. Yet, just over a decade on, the dollar still reigns supreme.