Ray Dalio

is a loan issue it's not a banking issue it is a global issue in terms of all around the world all sorts of entities pension funds um insurance companies um all around the world

There was a lot of the buying of these government bonds, which have gone down in value.

And if you then take it and you say, what's the value of those?

Those have gone down.

And the cost of money is high.

And so the world is leverage long.

Long, meaning they own stuff.

and they borrowed money to own it, and it's going down in value.

I think it's pretty easy to judge on a...

you know, an intermediate or longer term basis because there's a choice, right?

The predominant, the big issue is, you know, okay, the government can come in and print the money and give money to anybody they want to give money to.

But when they do that, that typically devalues the money.

So if, think about it, if you're holding a bond, you know, you got a claim on money.

But the claims are too much.

So one way or another, you're either not going to get back that money in full.

Well, right now, I couldn't give you the exact number off the top of my head, but there's

household debt, corporate debt, and government debt.

Well, that's right, but it's not expected to pay it off in a year.

I want to go back to my main point to make this clear.

If you're holding that debt, you are holding something that money will come back.