Ray Dalio just published an article from his new book about Money, Credit and Debt. The summary is the following:
- budged deficits, global debt, corporate debt etc. will lead to currency devaluation as people, companies start to default on it due to the crisis. Governments will bail themselves out by printing, those that can do so due to reserve currency status.
- if and when the printing is too high, the trust is lost and the normal ending of a cycle is a return to hard currencies.
The video explains also in detail how the whole credit cycle works using current examples. The 6 stages of the credit cycle are:
- hard currency
- claims on hard currency
- increase in debt
- FIAT currency
- defaults, devaluation
- back to hard currency
THE MAIN MESSAGE: be prepared for a potential paradigm shift and don't blow up like many bond holders will. The value of money is going down...

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