Brendan Greeley, "The Almighty Dollar: 500 Years of the World's Most Powerful Money" (Crown, 2026)

The U.S. dollar originated not as a product of American sovereignty, but as a global silver coin—the Joachimsthaler—that circulated extensively before the United States existed. This currency achieved international dominance through its utility for merchants and high-volume production, rather than through state backing. Modern monetary systems rely heavily on banks, which create money through loans rather than the Federal Reserve acting as the sole issuer. Andrew Brimmer, the first Black governor of the Federal Reserve, identified that these systems often prioritize foreign users and large financial institutions over domestic needs. His insights into credit allocation and the political nature of monetary policy remain critical for understanding why access to capital, such as during the pandemic, remains unevenly distributed across different communities and banking systems.