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The Time the United States Ran Out of Money

YouTubePrinciples by Ray Dalio

The Time the United States Ran Out of Money

When I was a young clerk on the floor of the New York Stock Exchange in 1971, the US ran out of money and defaulted on its debts. Now, they didn’t say it that way. But by moving away from the gold standard — the idea that people could exchange paper dollars for gold — money, as we understood it, ended. I expected the stock market to ...

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