""Stop pretending the old rules still apply.""
""Let's not be naive and say, 'Oh, we're breaking the rule-based system,'" Dalio said. "It's gone.""
""And what I learned through that exercise is the same thing happens over and over again," he said. "And it's like a movie for me. It's like watching the same movie happen.""
Global stability has shifted as long-standing, post-World War II rule-based systems have effectively broken down. Long-term monetary choices since 1971, including detaching the dollar from gold and repeated money printing, prevented natural resolution of debt crises and expanded debt burdens. Five interacting forces drive recurring economic cycles, with the money-debt cycle initiating major shifts. Central banks are responding by changing reserve compositions and increasing gold purchases, signaling a breakdown of previous monetary arrangements. The cumulative result is heightened geopolitical and economic instability and altered international financial dynamics.
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