The Bretton Woods III Thesis

The Breakdown

Blockworks

Business, Investing

4.8 • 806 Ratings

🗓️ 12 March 2022

⏱️ 21 minutes

🔗️ Recording | iTunes | RSS

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Summary

This episode is sponsored by Nexo.io, Arculus and FTX US. Earlier this week, Credit Suisse strategist Zoltan Pozsar published a research memo titled “Bretton Woods III” that argued the West’s Russia sanctions were an inflection point moment that would push the world economy into a new world monetary order. In this episode, NLW breaks down the argument, shares some counterpoints and explores what it all has to do with bitcoin. - Take your crypto to the next level with Nexo. Invest and swap instantly, earn up to 20% APR on your idle assets or borrow cash against them at industry-leading rates. Get started today at nexo.io to receive up to a $100 welcome bonus. Valid through March 31. - Arculus™ is the next-gen cold storage wallet for your crypto. The sleek, metal Arculus Key™ Card authenticates with the Arculus Wallet™ App, providing a simpler, safer and more secure solution to store, send, receive, buy and swap your crypto. Buy now at amazon.com. - FTX US is the safe, regulated way to buy Bitcoin, ETH, SOL and other digital assets. Trade crypto with up to 85% lower fees than top competitors and trade ETH and SOL NFTs with no gas fees and subsidized gas on withdrawals. Sign up at FTX.US today. - Enjoying this content? SUBSCRIBE to the Podcast Apple: https://podcasts.apple.com/podcast/id1438693620?at=1000lSDb Spotify: https://open.spotify.com/show/538vuul1PuorUDwgkC8JWF?si=ddSvD-HST2e_E7wgxcjtfQ Google: https://podcasts.google.com/feed/aHR0cHM6Ly9ubHdjcnlwdG8ubGlic3luLmNvbS9yc3M= Join the discussion: https://discord.gg/VrKRrfKCz8 Follow on Twitter: NLW: https://twitter.com/nlw Breakdown: https://twitter.com/BreakdownNLW “The Breakdown” is written, produced by and features Nathaniel Whittemore aka NLW, with editing by Rob Mitchell, research by Scott Hill and additional production support by Eleanor Pahl. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “I Don't Know How To Explain It” by Aaron Sprinkle. Image credit: Hulton Archive/Getty Images, modified by CoinDesk. Join the discussion at discord.gg/VrKRrfKCz8.

Transcript

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0:00.0	Welcome back to The Breakdown with me, NLW.
0:09.1	It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world.
0:15.0	The breakdown is sponsored by nexo.io, Arculus, and FtX, and produced and distributed by CoinDesk.
0:22.8	What's going on, guys? It is Friday, March 11th, and today we have a fun one. It is a think
0:29.2	boy Friday. We are talking about the Bretton Woods 3 thesis. Before we get into that,
0:35.4	however, if you are enjoying the breakdown, please go subscribe,
0:38.3	give it a rating, give it a review, or if you want to get deeper into big, highfalutin
0:43.3	conversations like this one, come join us on the breakers discord. You can find a link in the show
0:47.8	notes or go to bit.orgie slash breakdown pod. Also, a disclosure as always, in addition to them
0:53.9	being a sponsor of the show, I also work with
0:57.0	FTX. Now, I've been around the block a bit. I know when a theory or a phrase is going to have
1:04.3	legs. Great monetary inflation from Paul Tudor Jones was one of them. Michael Saylor's sitting on a
1:10.3	melting ice cube was a visual
1:11.8	version. Bretton Woods 3 has that potential, and this of course comes from a strategist at Credit
1:18.9	Suisse named Zoltan POSAR. As I said, Zoltan is an investment strategist at Credit Suisse,
1:24.5	but that doesn't really do it justice. He was a senior advisor at the
1:27.8	Department of the Treasury, where he advised the Office of Debt Management and Office of
1:31.1	Financial Research and served as the Treasury's liaison to the FSB on matters of financial
1:36.2	innovation. He joined the Federal Reserve Bank of New York in August of 2007 and was in charge
1:41.6	of market intelligence for securitized credit markets.
1:48.8	He got a big part of his start mapping the shadow banking system, helping, for example,
1:53.9	the IMF form their official position on it. He's been around and he goes deep and most importantly other people listen to him. And on March 7th, he wrote a Credit Suisse economics paper called
	...

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