WORLD

The End of the Dollar Era? Why Paul Wong Sees ‘Bretton Woods III’ and a Golden Future

Sprott’s Paul Wong explains why the shift to Bretton Woods III is inevitable and how gold will serve as the ultimate reserve asset in a fragmented global economy.

Published

7 months ago

February 28, 2026

Current News Room

The Fragile State of Global Finance

In an era defined by increasing geopolitical friction and the fraying of long-standing trade alliances, the global financial landscape is approaching a critical turning point. Paul Wong, Market Strategist at Sprott Asset Management, argues that the current monetary order is no longer sustainable. As the world transitions from a unipolar system dominated by the U.S. dollar to a multipolar reality, the necessity for a robust, non-correlated monetary reserve system has never been more apparent. Wong suggests that we are witnessing the inevitable birth of what experts call ‘Bretton Woods III.’

Understanding Bretton Woods III

The concept of Bretton Woods III, originally popularized by strategist Zoltan Pozsar, describes a fundamental shift in the nature of money. If Bretton Woods I was defined by the gold-backed dollar and Bretton Woods II was characterized by ‘inside money’—or debt-based assets like U.S. Treasuries—then Bretton Woods III is defined by ‘outside money.’ This new phase prioritizes tangible, hard assets over promises to pay. According to Wong, as the global economy ‘breaks up’ into competing blocs, nations are increasingly wary of holding the debt of other countries as their primary reserve, fearing both inflationary debasement and geopolitical weaponization of the financial system.

Why Gold Stands Alone

In this shifting landscape, gold emerges as the preeminent candidate for a neutral reserve asset. Unlike fiat currencies or government bonds, gold carries no counterparty risk and cannot be printed at the whim of a central bank. Wong emphasizes that gold is the only asset that ‘stands alone’ because it is not someone else’s liability. In a world where trust between nations is at a multi-decade low, the objective value of gold provides a stabilizing force that paper assets simply cannot match. This intrinsic value makes it the perfect anchor for a fragmented global economy that requires a universal medium of exchange that transcends political boundaries.

Central Banks Lead the Charge

The movement toward this new monetary order is already visible in the behavior of global central banks. Over the past two years, central bank gold buying has reached record highs, particularly among emerging market nations seeking to diversify away from the U.S. dollar. This trend is not merely a hedge against inflation but a strategic move toward sovereignty. By accumulating gold, these nations are building a foundation for a future where their economic security is not entirely dependent on Western financial infrastructure. Wong notes that this systemic pivot is a clear signal that the world is preparing for a monetary system where physical commodities play a central role.

The Implications for Investors

For investors, the transition to Bretton Woods III represents a significant departure from the investment strategies of the last forty years. The traditional 60/40 portfolio, which relies heavily on the inverse correlation between stocks and bonds, may struggle in an environment where inflation is persistent and debt levels are soaring. Wong suggests that a monetary reserve system based on gold will likely lead to higher floor prices for the precious metal. As institutional and retail investors follow the lead of central banks, the demand for gold as a ‘portfolio insurance’ policy is expected to intensify, potentially leading to a long-term bull market for the asset.

A Necessary Evolution

While the transition to a new global monetary system is likely to be volatile, Paul Wong views it as a necessary evolution. The imbalances inherent in the current dollar-centric system—ranging from massive debt loads to trade deficits—have reached a breaking point. Bretton Woods III represents a return to fiscal and monetary reality, where value is measured in something tangible. As the ‘world breaks up’ into localized power centers, gold remains the only asset capable of providing the liquidity, safety, and independence required to navigate the coming economic storm.

WORLD

What to Know About Macklemore’s $1 Million Aid Donation and Tour Exit

Macklemore donates $1 million in tour earnings to six Palestinian aid groups after being dropped from Ed Sheeran’s tour following a MetLife Stadium speech.

Published

3 days ago

September 17, 2026

Current Editor

$1 Million Directed to Relief Efforts

Rapper Macklemore has pledged his entire $1 million in net earnings from Ed Sheeran’s Loop Tour to Palestinian aid organizations. The funds will benefit six groups, including the Palestine Children’s Relief Fund, Gaza Soup Kitchen, and UNRWA USA. Addressing the decision, Macklemore stated, “Palestinian lives are worth protecting,” adding that “A Palestinian life is no less valuable than any other life on this earth.”

Stadium Speech and Tour Departure

The donation follows Macklemore’s removal from the Loop Tour after he gave a pro-Palestinian speech at MetLife Stadium in New Jersey. New England Patriots owner Robert Kraft acknowledged pressuring stadium operators to ban the artist from performing. While Macklemore publicly invited Kraft to match his $1 million contribution, representatives for Kraft declined to comment on the request.

Broader Tour Repercussions

The controversy prompted further changes to the concert series. In solidarity, all other supporting acts on the Loop Tour—including Finneas, Aaron Rowe, Lukas Graham, and Beoga—subsequently withdrew from performing.

WORLD

A Look at How Tensions in Western Saudi Arabia Led to Recent Casualties and Damage

One person was killed and two injured in Saudi Arabia’s Taif province when debris fell from an intercepted Houthi drone, amid rising regional tensions.

Published

3 days ago

September 17, 2026

Current Editor

Casualties and Property Damage Reported in Taif

One person has died and two others were hurt in western Saudi Arabia after debris fell from a Houthi drone that was shot down, according to the Saudi civil defense. The fallen fragments killed a Yemeni citizen and injured a Saudi citizen alongside a Pakistani national in Taif province, while also damaging nearby structures and vehicles. Officials did not state the precise time of the event.

Escalating Hostilities along the Red Sea

This incident occurred during an increase in fighting between Iran-aligned Houthi insurgents and Yemeni government forces backed by Saudi Arabia. As government units launched offensives along the Red Sea, Houthi fighters launched strikes across the border into Saudi territory. Saudi officials stated Wednesday that Houthis attempted a drone attack targeting the holy city of Mecca. The Houthis denied the claim, and Iranian Foreign Ministry spokesperson Esmail Baghaei posted on social media Thursday that drone interception claims should not serve to accuse specific groups or heighten conflict, while also speaking against attacks on Islamic holy sites.

Broader Regional Impacts

The friction comes as Houthi forces took control of the port city of Mokha as well as an island in the Bab el-Mandeb Strait, an important maritime route alternative to the Strait of Hormuz. These developments continue to influence the wider Iran war environment.

NATIONAL STORIES

Soaring Fuel Prices Hit Home as Trump Urges End to Strikes on Russian Energy

Trump urges Ukraine to halt strikes on Russian diesel as U.S. prices top $6 a gallon, amidst heavy drone exchanges and potential autumn peace talks.

Published

6 days ago

September 14, 2026

Current Editor

Rising Fuel Costs Prompt Call for Halt to Russian Oil Strikes

With American drivers facing unprecedented costs at the pump, U.S. President Donald Trump has requested that Ukrainian President Volodymyr Zelenskyy stop military strikes against Russian diesel facilities. The request follows a historic spike in domestic energy costs, with U.S. diesel averages surging beyond $6 per gallon on Friday.

Speaking from his Doonbeg golf club on the sidelines of the Irish Open, Trump noted that he discussed the matter with Zelenskyy after conversing with Russian President Vladimir Putin. While acknowledging that Ukraine has numerous alternative targets, Trump stated that targeting Russian fuel infrastructure is harming global energy availability.

Global Energy Strain and Midterm Pressure

The global diesel supply has tightened considerably over recent months. Kyiv’s ongoing long-range campaign against Moscow’s energy sector forced Russia to enact a diesel export ban in July while implementing internal fuel rationing. Supply pressures were further compounded by disruptions to shipments through the Strait of Hormuz during the war on Iran. These escalating energy expenses arrive as a primary concern for American voters heading into the November midterm elections.

Kyiv maintains that hitting Russian refineries is essential to cutting off the financial and fuel resources driving Moscow’s ongoing invasion, which has lasted more than four years.

Escalating Military Exchanges Across the Region

The call for a ceasefire on energy infrastructure comes during an intense escalation in aerial warfare between both nations. Overnight into Sunday, Russia launched 453 drones across Ukraine, including faster, jet-powered models. Ukrainian air defense forces reported intercepting or suppressing 409 of the incoming aircraft.

Russian strikes inflicted casualties and damage across several Ukrainian hubs. A drone attack on Odesa injured at least nine people in the major Black Sea port, coming just a day after a residential high-rise strike in the city killed two people and injured 26 others. Further west, a Russian drone caused a fire at a gas station near the Yahodyn-Dorohusk crossing on the Polish border. Ukrainian Foreign Minister Andrii Sybiha characterized the strike near the NATO and EU border as an act of terror, though local customs officials confirmed the crossing point itself remained undamaged.

Concurrently, Ukraine conducted extensive drone operations over Russian territory. Russian defense officials claimed to have downed 389 Ukrainian drones overnight. Strikes hit an oil processing facility and tank farm in Slavyansk-on-Kuban in the Krasnodar region, injuring three people and damaging a pipeline. In Nizhnekamsk, a key refining hub in Tatarstan, a drone impact near a parked car resulted in two civilian deaths and 14 injuries, alongside a fire at a local enterprise.

Diplomatic Initiatives Remain Unresolved

Amid the ongoing combat, potential avenues for negotiation are emerging. Kremlin spokesman Dmitry Peskov indicated on Sunday that Moscow remains open to resuming three-way peace talks involving Russia, Ukraine, and the U.S., suggesting October as a possible timeline.

The announcement follows recent visits to Moscow and Kyiv by U.S. envoys Jared Kushner and Steve Witkoff. Despite these initial diplomatic contacts, both warring nations maintain fundamentally opposing demands, particularly regarding territorial concessions.