Ray Dalio

Gold was money then.

So we viewed things differently.

You know, like money, fiat money as we think about it today, was like checks in a checkbook so that you can go get your gold.

And we looked at things through a gold lens.

And I walked on the floor of the stock exchange.

I thought, this is a big crisis, because you're not going to get your money.

People are not.

And the stock market, I thought it was going to go down a lot.

The stock market went up a lot.

And I went and I studied history.

That's, by the way, why I study history.

So I studied history and I found out the exact same thing happened in March 1933 with Roosevelt getting on the radio and doing the exact same thing.

In other words, devaluing money, OK?

In other words, so when we're looking at the world now, we look at it through our currency lens.

You know, we think things go up or down when we're measuring it in our currency.

But in reality, the currency goes up and down.

And so as we start to think about that, okay, think about what's happening.

Yes, it's a currency.

It's an alternative currency.

It's not a fiat currency.