#Repost @coindesk —— "Money" will never be the same again after the Ukraine war, Credit Suisse strategist Zoltan Pozsar says, and bitcoin may be a beneficiary. Former Federal Reserve and U.S. Treasury Department official, and now Credit Suisse short-term rate strategist, Pozsar has written the U.S. is in a commodity crisis that is giving rise to a new world monetary order that will ultimately weaken the current dollar-based system and lead to higher inflation in the West. "This crisis is not like anything we have seen since President [Richard] Nixon took the U.S. dollar off gold in 1971," Pozsar wrote. Negotiated by 44 countries as World War II was winding down, the Bretton Woods agreement (named for the conference location in Bretton Woods, New Hampshire) pegged gold as the basis for the U.S. dollar, with other currencies then pegged to the greenback. This structure began to fray in the 1960s as U.S. trade deficits became too large to ignore, and it fell apart completely in 1971 when the U.S. abandoned the link between the dollar and gold. As the initial Bretton Woods era (1944-1971) was backed by gold, and Bretton Woods II (1971-present) backed by "inside money" (essentially U.S. government paper), said Pozsar, Bretton Woods III will be backed by "outside money" (gold and other commodities). We take a closer look at the link in bio. #CreditSuisse #ZoltanPozar #btc #crypto #brettonwoods #gold #dollar (at Santa Monica, California) https://www.instagram.com/p/Ca6JDHjLPWo/?utm_medium=tumblr
