March 3 2026 Ray Dalio 3rd time back Had made some good input on last appearance just when Trump was getting inaugurated Deficit was hoped to be reined in to 3% but now its 6% (deficit to gdp) Backdrop - sadly too much war and irreconciliable differences between both parties Foreign buyers will be hesitant then Dollar denominated debt is already a large percentage of their portfolio Geopolitical risks also there - debtor and creditor could have conflict (US/China, US/Europe even?) These kinds of cycles have happened repeatedly through history Structurally a little difficult to do DOGE kind of efforts at this stage Gold Not some precious metal that people speculate on - its the second largest currency that central banks choose to keep Distinguish wealth from money Wealth you can’t spend (buildings, etc) You have to sell it to spend Money you can spend Gold could be considered to now have reached a fair value vs being undervalued earlier Countries and people shoul...