The Importance of a Common Currency

US dollar has been the preferred global currency since into World War II, providing our nation inherent economic advantages as well as responsibilities. Today an estimated 88% of all currency transactions by a value are conducted in US dollars. China is trying to create new interbank messaging systems to get around US sanctions and to use its own currency, the renminbi or RMB. Congresswoman Joyce Beatty boasted that the supremacy of the US dollar benefits the US economy in many ways and also allows Washington to impose sanctions on foreign countries.