Ex Uno Plures is a macroeconomic advisory firm specializing in funding and interest rate markets with offices in New York and Budapest. Ex Uno Plures offers two streams of research reports:

Money, Banks and Bases, which covers the topography and day-to-day workings of the dollar system, with our signature focus on the balance sheets of banks and dealers that intermediate the dollar system.

Money and World Order, which covers China’s progress in building an alternative to the dollar system, and how this alternative system will re-shape the day-to-day workings of the dollar system going forward.

Our name (“out of one, many” in Latin) is the inverse of E Pluribus Unum (“out of many, one”), the motto on the Great Seal of the United States and dollar bills. It means to capture the following ideas: first, in funding and rates markets prices usually trade at par or very close to each other (“one price”), a state that is occasionally disrupted by balance sheet constraints, reserve shortages or panics that cause prices to fall apart (“out of one, many”). Our aim is to help clients anticipate such disruptions.

Second, for generations, investors have been operating in a unipolar macroeconomic environment, where the U.S. dollar reigned supreme globally and where E Pluribus Unum was the perfect motto to describe what became known as the global dollar cycle. But conflict between the U.S. and China is set to reshape the global monetary order centered around the U.S. dollar. De-dollarization, the re-monetization of gold, the invoicing of a growing number of commodities and goods in renminbi and the proliferation of CBDCs will challenge the U.S. dollar’s hegemony (“out of one, many”).

Our aim is to help investors anticipate how these developments – the rise of Bretton Woods III – will shape the global monetary order, reserve management practices and funding and rates markets.

Our fundamental belief is that the only way to make sense of U.S. dollar funding and rates markets over the next decade will be by focusing not only on today’s plumbing but also tomorrow’s plumbing under Bretton Woods III. As Charles P. Kindleberger once said “war cuts new financial channels” – our aim is to be your premier correspondent from the financial front lines of great power conflict…