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Ray Dalio and Big-Picture Power Shifts

The Breakdown

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What I Really Think of Bitcoin

In 1971, when I was a young clerk on the floor of the New York Stock Exchange, the United States ran out of money and defaulted on its debts. Back then, gold was the money used in transactions between countries. As people turned these checks into the bank for gold money, the amount of gold in the US started to dwindle. It soon became obvious that the US couldn't keep its promises for all existing paper money so people holding dollars rushed to exchange them before the gold ran out.

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