Last year I dug into Pozsar's Bretton Woods III stuff and wrote two posts on it (0), and this is exactly what he was getting at. Pozsar's whole thesis is that after the West froze Russian reserves in 2022, the global monetary system started shifting from inside money (Treasuries, dollar reserves) to outside money (commodities, gold). Gold going from $1,900 to $5,000+ since then kind of makes his point.

A waiver for oil already floating at sea is the regime admitting you can sanction the financial system but you can't sanction the tanker. physical commodity doesn't care about the nominal layer's rules. Every carve-out like this reinforces it imo..

(0) https://philippdubach.com/posts/pozsars-bretton-woods-iii-th...