Indeed, the process of creating a new Bretton Woods Agreement has just begun /Rana Foroohar, FT, Opinion 18 April/.

In a clear-cut speech at the Atlantic Council, the brilliant economist and US Treasury secretary relinked trade to values. According to the 80ys cycle we are still in 1942, meaning that in principle it is still too early to the recap of Churchill’s “Fulton-speech” – but this is exactly what happened.

However, history does not repeat itself with the same events in the same row, instead patterns tend to be the same.

In 1938 “neoliberalism” was invented, by 2018 the seeds of a new era called “post-neoliberalism” were in place. In 1943 the US approved a post-war strategy based on a paper of Oscar Morgenstern and John von Neumann and the Bretton Woods Agreement was born in 1944. All these events led to a divided world by 1948.

Since the beginning of the 1990s a neoliberal era has been operating within the “one world- two systems” framework.

This era is coming to an end and we will definitely end up with a new bipolar system.

Eighty years ago the level of personal freedom seemed to be the dividing line between the two worlds, this time the level of personal and national security might be the main difference.

The choice is ours.

Governor Matolcsy, MNB, the Central Bank of Hungary

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