Ray Dalio: "The monetary order is breaking down… central banks are no longer absorbing fiat money and debt as they did in the past"
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Summary
- Ray Dalio said he sees the current global monetary order as entering a phase of breakdown.
- He said fiat money and debt are no longer being held and absorbed by central banks in the same way as in the past.
- He added that these changes could have a long-term impact on global financial markets and asset allocation.
According to Walter Bloomberg, a breaking-news account, on the 20th (local time), Ray Dalio, founder of Bridgewater Associates, the world’s largest hedge fund, said the current global monetary order is entering a phase of breakdown.
In an interview with CNBC that day, Dalio said, "The existing monetary order is collapsing," adding that "fiat money and debt are not being held and absorbed by central banks in the same way as in the past."
He explained that central banks are in a position where it is difficult to continue playing the role of backstopping government bonds and currencies without limit, and that a shift in confidence across the monetary system is underway.
Dalio added that these changes could have a long-term impact on global financial markets and asset-allocation practices.
