I am going to try and parse this and explain.

"The solution is what the IMF called a Bretton Woods Moment.

It simply means we need a new system of money.

The original financial system the U.S. dollar was built on was fully backed by gold. The current — broken — financial system is backed by nothing. After a global reset, the new financial system may require a digital currency, or gold, or some other form of asset to be held by each country for each unit of currency in circulation."

A global reset like a Bretton Woods II would be the IMF and the World Bank joining the Fed to prevent the U.S. devaluing the Dollar. Part of that deal would be demands the U.S. decrease it budget deficit. Usually the IMF demands countries cut spending but raising taxes would work in the U.S. The money is there unlike other debtor nations.

Rapid Dollar Inflation (devaluation) would clobber holders of long term dollar denominated debt, China, Japan, Europe and other Asian countries mostly.

A new financial system that uses a different reserve currency and letting the Dollar float will destroy trillions of Dollars worth of wealth in those countries.

TEK