@the_culturist_ “they live as though they are immortal” not because humans do not realize they are mortal but because, to them, building a legacy is a quasi-substitute for immortality. Even if mostly they pretend otherwise or claim altruistic intensions.
@SantiagoAuFund It is likely to crowd out the current Eurodollar system, which is superior as it automatically drives offshore USD shortages. Not obvious stable-coins can do the same to comparable extent.
Also I don’t bet against Ray Dalio.
@deerpointmacro@MMTmacrotrader Long real rates (low 2009-2020) are broadly a function of whatever’s affordable (function of debt and growth) and inflation risk premia (or other creditworthiness premia).
2020 - Fiscal dominance unleashes growth by escaping over-indebtedness (perceived). Long rates can rise.
@deerpointmacro@MMTmacrotrader My take is different. Period 2009-2020 was characterized by over-indebtedness creating broad fiat devaluations (inflationary) which were more than offset by subdued real economies (disinflationary). This led to very aneamic GDP and productivity growth. 1/2
@DanBusenbark@TaviCosta Yeah because there was a 3-1 stock split at the time I believe. That chart is of the close price whereas adjusted close is much closer to the actual return.
If the stock split didn’t happen EWZ would be 3x current price.
@great_martis Moving into the arena of 3 tensions: USD shortages vs policy accommodation vs US idiosyncratic risk.
For gold to continue doing well we need quick large policy responses.
@jtourzan You’re kidding right? Bridgewater doesn’t have to disclose its gold holdings. They are likely physically held through vaults in secure locations.
Also Dalio stepped down from running Bridgewater few months/years ago.
He did say he likes tech however.
@SantiagoAuFund True of private sector but not public sector when central banks merge with their governments (even unofficially). There is never shortage of money, unless decided.
Also not true if the act of printing money and spending it creates enough inflation to reduce real liabilities.