# Bretton Woods⏎⏎ 3?
⏎
## The Big Dollar-short
⏎
Inflation borne of shortages (commodities [due to Russian sanctions], goods
[due to zero-Covid policies], and labor [due to excessive positive wealth effects])
is a whole different ballgame. You can’t QT or hike your way out of it easily…

## https://en.wikipedia.org/wiki/Bretton_Woods_system

On 15 August 1971, the United States terminated convertibility of the US dollar to gold, effectively bringing the Bretton Woods system to an end and rendering the dollar a fiat currency

- https://en.wikipedia.org/wiki/Marshall_Plan

## Bretton Woods 3 - [Zoltan Pozsar on podcast](https://podcasts.apple.com/us/podcast/odd-lots/id1056200096?i=1000556504548)

you can print money, but not commodities (takes longer to produce and requires much more labour and energy)

strong point (everybody talks about) - **strong coupling between inflation and geopolitical risk (Ukraine war)**. Can Fed control such type of inflation if commodity driven?

- conclusions... not convinced personally

less demand for dollars
positive Xccy basis

it seems Bretton Woods 3 is simply pre-Bretton Woods

- TRIANGLE - price stability/inflation, financial stability, geopolitical stability



- your(Russia) commodity, our (West) problem

## compare [A new world of currency disorder looms](https://www.ft.com/content/f18cf835-02a0-44ff-875f-7de7facba54e)

The Chinese renminbi can be a challenger to the US dollar, but it won’t replace it







# Parents

* Fin Ecosystems