As the US dollar Index (DXY) hangs in this morning above 93, other commodities like precious metals, oil, natural gas and equities are losing ground once more. While most people understand that the world is highly indebted today, many miss that the largest share of that debt is denominated in US dollars. As international trade shrinks and exporters receive fewer dollars to service their debt, demand for dollars intensifies.

Despite many pundits predicting that the U.S. dollar would lose its global dominance, the coronavirus pandemic has only served to demonstrate how vital it remains to the international financial system. WSJ explains why this isn’t the first crisis to do so.  Here is a direct video link.