Bretton Woods I led to gold-backed dollar that reigned as the global trade/reserve currency till 1971. Then it collapsed. The US dollar was revived with Petrodollar — we can call it Bretton Woods II. Now, the primacy of dollar is under threat again, thanks to exploding debt and rise of a multipolar world. The US needs Bretton Woods III to cancel all its debt and start with a clean slate. But Russia and China are in the way
