Ray Dalio

Okay.

Or you print the money and you make up the difference.

And so since the breakdown of the monetary system in 1971, that was when...

There were too many claims on gold and we had a system attached to gold.

And because they were in August 15th, 1971, I remember, well, I was clerking on the floor of the New York Stock Exchange after college before I went to graduate school.

Richard Nixon gets on August 15th, Sunday night, he gets on the television and he says, we're not going to...

Allow the conversion of that paper money into gold and we're not going to you won't get your gold And then I walked on the floor of the stock exchange the next morning.

I thought this is a big crisis and What they did is they essentially printed and then we had the stagflation of the 70s, but I was very surprised and I found out that

And I never threw anything like that before.

I studied history.

I found out they did the exact same thing in March.

Roosevelt did the exact same thing in March of 1933.

Right.

Okay.

For the same reasons.

Okay.

Because your choice is to have a lot of defaults and a debt problem or to do that.

Right.

That's how it works.

That's how the machine works.