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#43 Ray Dalio: Principles: Life and Work
Founders
Why Government Officials Aren't Honest When They Promise Not to Devalue the Dollar
In 1971, President Richard Nixon announced that the US would renege on its promise to allow dollars to be turned in for gold. The dollar fell sharply as a result of this announcement; it has been devalued many times since. John MacIntosh: I learned not to believe government policymakers when they assure you that they won't let a currency devaluation happen.
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