4.4 • 796 Ratings
🗓️ 9 May 2023
⏱️ 19 minutes
🧾️ Download transcript
For over 80 years the US dollar has been king when it comes to global trade, is that beginning to change?
We look at how the US dollar came to dominate global trade, ask what happens when a country runs out of dollars and explore why countries like China, India and Russia are starting to increase trade in their local currencies.
Presenter / producer: Devina Gupta Image: US dollars; Credit: Getty Images
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| 0:00.0 | 15 years ago, 23-year-old Norwegian student Martina Vic Magnuson was killed in an apartment near Mayfair. |
| 0:08.2 | 23-year-old Martinevic Magnuson was found partially buried in the basement. |
| 0:12.3 | Before being questioned, the only suspect in the case had fled the UK to Yemen. |
| 0:17.2 | I made a promise to Martina's family to find out what happened. |
| 0:22.6 | Murder in Mayfair, part of the documentary, find it wherever you get your BBC podcast. |
| 0:26.6 | Hello and Namaste to Business Daily on the BBC World Service. |
| 0:34.6 | I'm Divina Gupta. |
| 0:36.6 | And as you can make out, I'm at a very exciting place. |
| 0:40.3 | This is a game parlour in the north of the UK near Saltford. |
| 0:45.3 | It's Friday evening and this place is pretty packed with people. |
| 0:50.3 | Some young and some not so young. |
| 0:53.3 | And around the room there are big and colourful video game consoles. |
| 0:57.0 | They have different kinds of games, like a car racing on a track, |
| 1:01.0 | a spaceship and a galaxy escaping from asteroids. |
| 1:05.0 | And the feel and the music in this place certainly takes me back to my childhood in the 90s. |
| 1:11.6 | So the reason I'm here is to talk about a controversial topic amongst economists these days. |
| 1:18.6 | It's the global dominance of the US dollar ending. |
| 1:22.6 | So before you rush to ask, what's the connection? |
| 1:25.6 | Well, this is where you get a glimpse of how the |
| 1:28.4 | dollar works in the global economy. So to play on these machines you usually |
| 1:33.6 | need game tokens. You have to pay in pounds here to get those tokens. And that in a |
| 1:40.3 | nutshell is how the global trade system works. Countries need tokens or money to buy goods like food and fuel from other countries for their people. |
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