Name: Principles for Dealing with the Changing World Order by Ray Dalio
Uploaded: 2022-05-23T06:15:08.000Z
Duration: 43 min 43 s
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Adverbs of manner

The times ahead will be radically different

from those that we've experienced in our lifetimes,

Over my roughly 50 years of global macroeconomic investing,

that the most important events that surprised me,

did so because they never happened in my lifetime.

the last 500 years of history for similar situations

where I saw that they had indeed happened many times before

it was a sign of the changing world order.

You can find the comprehensive version in my book,

Principles for Dealing with the Changing World Order.

Let me begin with a story that brought me to this point,

about how I learned to anticipate the future

on the floor of the New York Stock Exchange,

Paper money, like the dollar, was like checks in a checkbook

other than it could be exchanged for gold,

At the time, the United States was spending

by writing a lot more of these paper money checks

than it had gold in the bank to exchange for them.

As people turned these checks into the bank for gold money,

the amount of gold in the US started to dwindle.

so people holding dollars rushed to exchange them

President Nixon went on television to tell the world

to let people exchange their dollars for gold.

- [President Nixon] The strength of a nation's currency

is based on the strength of that nation's economy.

Accordingly, I have directed the secretary of the treasury

to defend the dollar against the speculators.

I have directed Secretary Connally to suspend temporarily

the convertibility of the dollar into gold

determined to be in the interest of monetary stability

and in the best interest of the United States.

realizing that money as we understood it was ending.

I expected the stock market to plunge the next day,

so I got on the exchange floor early to prepare.

When the opening bell rang, pandemonium broke out,

because I never experienced a currency devaluation before.

I discovered that the exact same thing happened in 1933

Then, paper dollars were also linked to gold,

because it was spending more paper money checks

And President Roosevelt announced on the radio

that he would break the country's promise

- [President Roosevelt] It was then that I issued the

proclamation providing for the national bank holiday.

The second step, last Thursday, was the legislation

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Principles for Dealing with the Changing World Order by Ray Dalio

eventually

massive

vital

crisis