if you believe that the West can craft sanctions that maximize pain for Russia
while minimizing financial stability risks and price stability risks in the West,
you could also believe in unicorns.
This crisis is not like anything we have seen since President Nixon took the
U.S. dollar off gold in 1971 – the end of the era of commodity-based money.
When this crisis (and war) is over, the U.S. dollar should be much weaker and,
on the flipside, the renminbi much stronger, backed by a basket of commodities.
From the Bretton Woods era backed by gold bullion, to Bretton Woods II
backed by inside money (Treasuries with un-hedgeable confiscation risks), to
Bretton Woods III backed by outside money (gold bullion and other commodities).
After this war is over, “money” will never be the same again…
Managed to find the original article here
In Summary:
Thank you for the link.