The plan to replace the dollar explained
Ken McElroy Show
Ken McElroy
4.7 • 712 Ratings
🗓️ 3 June 2026
⏱️ 26 minutes
🧾️ Download transcript
Summary
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The U.S. dollar has dominated global trade for decades, but countries are now building digital currencies, alternative payment systems, and new trade networks that don't require it. Ken and Danille break down what's actually happening, why it matters for your mortgage, your savings, and U.S. debt, and whether the dollar's dominance can hold.
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ABOUT KEN: Ken is the author of the bestselling books The ABC’s of Real Estate Investing, The Advanced Guide to Real Estate Investing, and The ABC’s of Property Management. With over two decades of experience in real estate investing, Ken McElroy is passionate about sharing the good life by helping real estate investors grow and prosper. This podcast is a place for Ken to discuss numerous topics connected to real estate investing, including finance, budgeting, the entrepreneur mindset, and creating passive income. Ken offers a wealth of personal experiences, practical advice, success stories, and even some informative setbacks, all presented here to educate and inspire. Whether you’re a new or seasoned investor, the information and resources on this channel will set you on a path where you and your investments can thrive.
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Transcript
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| 0:00.0 | countries are creating their own digital currencies and trying to move away from the dollar system |
| 0:06.3 | and to be able to exchange directly. Yeah, so I think we've got to go back to, you know, how the |
| 0:13.3 | U.S. became the world's reserve currency. And so some of you might already know it is the world's |
| 0:17.6 | reserve currency. But I think you've got to go back before that. |
| 0:21.4 | And you've got to go to the Bank of England and you have to go to the British Pound. |
| 0:25.4 | So the British Pound was the world's reserve currency for about 200 years, if you can believe that. |
| 0:32.2 | And the reason I bring that up is because if we're talking about a declining world's reserve currency, we need to at least |
| 0:40.0 | address the one that we know of. And I think that what happened was in 1944, that was the |
| 0:47.3 | official handoff. That was the Bretton Woods Agreement. And that's when the Allies got together |
| 0:52.9 | and they said, hey, you know, we will peg our currencies to the U.S. dollar. |
| 0:59.0 | From there, a lot's changed. |
| 1:01.9 | And I think that's kind of where, why we're in the situation we're in. |
| 1:05.1 | Because if you're pegging your currency to the U.S. dollar or you're getting paid in U.S. dollars. And by the way, this is |
| 1:13.3 | an incredible statistic. 88 percent, 88 percent of all transactions globally, at least one side of it |
| 1:22.0 | is U.S. currency. So we are the world's reserve currency. And so if I pay China or you pay China or whoever and China is sitting in U.S. currency and then we're messing around with currencies with tariffs and sanctions and all that kind of stuff, it's going to piss off China, especially the U.S. currency has declined over a period of time. So that's kind of the setup of where we are |
| 1:46.4 | today. People are sitting massively in U.S. currencies and there's like $13 trillion outside of |
| 1:53.4 | the United States, $13 trillion outside of the United States held in U.S. currency. So why is all this |
| 2:00.6 | important? It's important because as |
| 2:04.1 | other countries start to make decisions about using dollars or going to digital currency or |
| 2:11.6 | whatever it might be, then all of a sudden it starts to affect the U.S. And that's, you know, |
| 2:17.2 | so that's kind of what we want to discuss U.S. And that's, you know, so, so that's kind of what we want |
| 2:18.8 | to discuss today. Yeah. And you have to understand that why everyone traded in U.S. dollars. And |
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