Drei Jahre nach dem Einfrieren der russischen Reserven: Analyse des allmählichen Entdollarisierungstrends und seiner Bedeutung für das globale Finanzsystem

First time poster here. Already posted in r/economics but would be interested to also discuss the geopolitical angle.

Why this is worth a read:
The article revisits Zoltan Pozsar’s „Bretton Woods III“ framework three years after its March 2022 publication. Pozsar argued that the freezing of Russian reserves fundamentally altered how countries perceive dollar holdings, potentially triggering a shift from financial reserves like Treasury securities to physical reserves like commodities and gold. The analysis examines both the theoretical framework, which draws on Perry Mehrling’s „money view“ and explores how financial market plumbing intersects with physical commodity infrastructure, and evaluates the empirical evidence since 2022. This includes examining reserve diversification trends, gold’s significant appreciation, dollar strength despite diversification pressures, and persistent funding market stresses related to commodity trade financing.

Part 1:[ Pozsar’s Bretton Woods III: The Framework](https://philippdubach.com/2025/10/25/pozsars-bretton-woods-iii-the-framework-1/2/)
Part 2: [Pozsar’s Bretton Woods III: Three Years Later](https://philippdubach.com/2025/10/26/pozsars-bretton-woods-iii-three-years-later-2/2/) *(linked above)*

Some things I have been thinking about (besides what was already in r/Economics):
1. Does weaponizing dollar reserves create a lasting shift in how countries manage their foreign exchange, or is this just temporary noise while tensions are high?
2. The article argues that central bank power ends where physical infrastructure begins. If that’s true, does controlling shipping routes and energy infrastructure now matter more for global influence than controlling financial systems?
3. China has $3 trillion in reserves heavily weighted toward dollars. The author outlines two paths: sell Treasuries to buy commodities, or print renminbi to create an offshore currency market backed by physical resources. Which path are we actually seeing, and what’s preventing faster movement?
4. The dollar strengthened despite reserve diversification happening in the background. What explains this paradox? Are we watching a slow structural shift that market dynamics haven’t priced in yet, or is dollar dominance more resilient than the framework suggests?

*EDIT: my questions*