This is textbook Pozsar. His Bretton Woods III framework argues the global monetary system is shifting from inside money (Treasuries, dollar reserves) to outsid

This is textbook Pozsar. His Bretton Woods III framework argues the global monetary system is shifting from inside money (Treasuries, dollar reserves) to outside money (commodities, gold). Every time a geopolitical shock disrupts physical commodity flows, the premium on outside money reprices upward. Hormuz closing is exactly the scenario he built the framework around. Wrote a two-part deep dive on the thesis last year: https://philippdubach.com/posts/pozsars-bretton-woods-iii-the-framework-1/2/ https://philippdubach.com/posts/pozsars-bretton-woods-iii-th...