Ray Dalio – The US Dollar vs Gold

‘When I look at the US and global debt burdens and how countries are likely to respond, I worry about the possibility of creating a stagflationary environment.

Our financial system is dependent on the idea that you can take a debt asset and convert it into money. But now there’s not enough money to go around.

That makes the idea of devaluing the dollar relative to other currencies appealing — but the other currencies won’t want much of an appreciation either. That’s one of the reasons I say that gold will be a better performing asset.’