The global financial system has gone through successive iterations, each somewhat distinct from the previous version. Ex: post ww2 Bretton Woods to the aptly named "Bretton Woods II" post 1970 gold standard break.

The current iteration is almost certainly a phase, not an end point.

The system itself can be viewed through the lens of a sort of technology that is evolving like any other technology, and concepts like "paradigm shifts" can apply to the monetary system as well.

This particular system that we have is stable (perhaps only) within the context of a stable US centered world monetary order. Usually the conversation quickly veers into the decline of the US, etc, but that's not my point here to be clear. The current system is based on offshore dollars (eurodollars - confusing name, nothing to do with the euro currency) bound together in a 20 trillion dollar eurodollar derivatives market, which essentially takes Fed policy and propagates it through basis trades to the global Eurodollar system that is technically entirely outside of US jurisdiction. When the Fed does something like change interest rates, which is apparently quite important if you look at Bloomberg/Reuters etc, ask yourself what exactly is happening when interbank lending rates change. Map it out, it may be surprising. What's even more surprising is the lack of discussion about what things like rate changes actually mean technically, despite the vast mainstream discussion around these topics.

Since 2020 we have seen first hand that the world is actually quite isolated from the traditional banking space in many ways, on a first order basis. It's the higher order effects (such as policy propagation into global markets which are quite disconnected from Fed policy) that matter. The matter to note is that this is increasingly vestigial in nature, and evolution tends to eventually drop the vestigial remnants.

(I know these conversations tend to veer into doom and conspiracy, that isn't the intent at all. I think most would be surprised if the current system as it stands persists for another 100 years, if not 50, and that's a standard idea to have.)

Ah yes that particular system. Thank you!