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Bretton Woods 3: What It Means for Investors
Bretton Woods 3: What does it actually mean for investors? I think it means a lot. We are used to thinking about a world where there is either a dollar shortage in some regions or dollar surplus in other regions. But if we end up in a world where countries have several options as to how they pay for commodities, then the landscape of the FX swap market is going to get redrawn. There will be positive transparency basis that will turn negative and there will be negative transparency basis that'll turn positive.