‘US citizens constitute 5 percent of the world’s population but consume 24 percent of global energy. On average, one person in the US consumes as much energy as two Japanese, six Mexicans, 13 Chinese, 31 Indians, 128 Bangladeshis, 307 Tanzanians and 370 Ethiopians.
The US is able to consume at such a level because the dollar serves as the world reserve currency. This means high demand for it is guaranteed as most international trade (especially oil) is carried out using the dollar. US dominance and wealth accumulation depends on maintaining the currency’s leading role.
The international monetary system that emerged near the end of the Second World War was based on the US being the dominant economic power and the main creditor nation, with institutions like the World Bank and International Monetary Fund eventually being created to serve its interests.’
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