In November, Hudson Bay Capital published a comprehensive 41-page document proposing a revamp of the global trading system, focusing on a promising approach for Wall Street. The document, titled "A User's Guide to Restructuring the Global Trading System," delves into various aspects such as US debt, interest rates, and the resurgence of US manufacturing. The central concept revolves around a potential "Mar-a-Lago accord" aimed at addressing the issue of dollar "overvaluation" through a modern multilateral currency agreement.

The proposal garnered interest within Wall Street circles, with key figures like Jim Bianco from Bianco Research endorsing it as a significant indicator of the new administration's ambitious vision. Stephen Miran, the author, was later appointed to lead Trump's Council of Economic Advisers, further bolstering the credibility of the proposal.

However, there seems to be a disconnect between the proposed plan and the administration's actual actions since taking office. While President Trump has actively pursued tariff policies to disrupt the global trading system, the complementary aspect of addressing currency concerns has been sidelined. Miran himself has acknowledged the deviation from the original proposal in recent statements.

Though the implementation of the full plan outlined in the document remains uncertain, it continues to provide a glimmer of hope for those navigating market volatility and economic uncertainties. Despite doubts about its feasibility, the document serves as a beacon for those seeking optimism amid the current economic climate.