Stephen Miran, head of Trump's Council of Economic Advisors and Treasury Secretary Scott Bessent have for a number of years written about a preferred new monetary model where:

a.) On the one hand, they want to ensure that the dollar remains supreme as a global reserve currency and that the dollar-based financial system continues to dominate.

b.) But at the same time, they also think that the dollar is overvalued by virtue of the fact that it is the world’s reserve currency, which means that people keep buying dollars and so that pushes up the value.

Treasury Secretary Scott Bessent has called this a new Bretton Woods Agreement, and which lick-spittles are now calling the not yet existent "Mar-a-Lago Agreement".

Bessent theorizes an agreement where a number of countries agree to weaken the dollar through some yet to be articulated processes and, in exchange, America offering some form of tariff relief, some form of military protection, being allies and potentially doing other things like maybe swapping long-term U.S. debt for other forms of debt.

The strategy to get there is really all about trying to move from what might be called a neoliberal mind-set, to move instead to what could be called a mercantilist mind-set or a hegemonic power mind-set. It’s all about power and everything you should do will start with the recognition of who has power and who doesn’t have power.

Treasury Secretary Scott Bessent has specifically outlined a historically familiar vision where the United States asks countries how they want to divide themselves — into red, yellow and green buckets. The red are the foes of America. The green are the friends of America. And the yellow are the ones who are in some ways not aligned.

And essentially the green countries will come inside the system to cut deals and be free of terrorists and get military protection and be part of a Mar-a-Lago Accord. The red countries won’t. And the orange ones or the yellow ones are up for grabs and can do all kinds of transactional deals.

So it’s a vision very much based on hegemonic power of a sort that, frankly, we last saw in the 1930s.