Recently I have heard two people suggest that a global monetary reset, ala Bretton Woods, may be coming soon. Specifically, Russell Lamberti today in the seminar and Simon Dixon of BankToTheFuture. I am curious as to what that might look like. Unlike with Bretton Woods, there is no one country currently strong enough to dictate the terms. Presumably the decision making body would be infested with central bankers, so it is hard to see them suggesting we go back to hard money. That would be tantamount to an admission that the monetary policies of the last 100 years were a huge mistake. But of course, nothing else makes any sense.
Perhaps in 10-20 years enough nation states have stacked enough sats to propose that bitcoin or some combination of bitcoin and gold be the global reserve currency, but in that world presumably bitcoin would have grown large enough so that it was competing against the dollar. In that case it would seem like the Fed would have to stop inflating the dollar supply. That would be Hayek’s world where currencies compete with each other, and that is a world that would not need a monetary reset.
I am curious about other peoples opinions on this. Is a monetary reset likely, and if so, what would it look like?