Ray Dalio

And so the Chinese have intentionally, in order to minimize that conflict, have not pushed that thing, and now they're going to operate and moving in that way.

As far as storehold of wealth, though, who's going to trust the Chinese with your wealth and capital controls and so on?

I think that all fiat currencies have a problem.

Okay, so they have the history of foreign exchange controls.

Of course.

Would you trust its anti-wealth protection?

You know, this is not, that's not their...

great track record.

I'm going to protect your wealth.

Even private property and how it works in China is a new concept relatively, and it's something that they're wrestling about.

You can't own land.

You can't own property.

So the storehold of wealth element

is going to be very tough for them to sell.

So the world does not have what you want as a currency, as a reserve currency, other than gold.

I mean, it's just a default, right?

Because it's a debt and gold is, you know, like they say, it's the one asset you can have that's not somebody else's liability, meaning you have to get money from somebody else to do it.

I think all around, not only related to gold, but all of the things, I think people get used to what's credible to them is what they experience and the norm that they have at that time.

And so much that's happening, I hear people say, I'm shocked by.

But the only reason they're shocked is because they've become used to that, right?