And it wasn’t only America’s socialist tendencies that worried Dalio. Even more concerning was the Federal Reserve. Among American moneymen, Dalio is known for his interest in history. After studying the rise and decline of financial empires over the last five hundred years, Dalio was convinced that a fundamental shift was under way. The United States, he warned, was “creating a lot of debt and printing a lot of money, which in history was a threat to reserve currencies.” “The fundamentals are undermining the U.S. dollar.” The conclusion could not be dodged: the future belonged to China. As
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