Ray Dalio

Well, you don't tax wealth, okay?

So because you don't tax wealth, and then there is this political issue of wealth.

Are you going to tax wealth?

What is going to happen in California?

What is going to happen elsewhere in terms of taxing wealth?

If you tax wealth, then imagine what happens.

You have to sell wealth to pay taxes.

Okay, so there's a dynamic understanding- And that lowers the value of it, right?

And that's what pops bubbles.

So the wealth gap issue is a political issue, and it's a market issue, and it's important issue to understand.

It seems like it's such an obvious headline.

seemingly logical thing to do, right?

In other words, everybody would say, wait a second, all these people are having all the wealth and they're not paying any taxes on their wealth while this is going on.

Okay, we need to go where the money is, right?

So it seems like that without then, you know, the full understanding of those things and how to do it in a, you know, managed way.

But so it's, anyway, it's upon us certainly.

Well, I think what's happening is, and we're seeing it around the world in many different ways, people in California are moving.

And it's not the it happening, it's the fear of it happening.

Right, right.

So you're seeing that dynamic.