Roundup: The Rise of Outside Money
Brian Cubellis | Chief Strategy Officer
Feb 13, 2025
The Rise of Outside Money
It’s rare for a mainstream financial analyst to so accurately predict the kind of “regime shift” we’re seeing today, but Zoltan Pozsar—a former Credit Suisse macro economist—did just that in his 2022 musings on what he called Bretton Woods III.
Pozsar’s commentary highlighted the transition from a world dominated by “inside money” (i.e., sovereign debt and fiat-linked assets) toward more resilient, commodity-linked “outside money.” While Pozsar is not a self-professed bitcoiner, his insights map remarkably well to bitcoin’s role as an alternative monetary asset in a changing global order.
Pozsar’s Bretton Woods III & Today’s Geopolitical Realities
Back in , Pozsar forecast a new paradigm in which commodity-based currencies in the East weaken the Eurodollar system and contribute to inflationary pressures in the West. He observed:
