First, the conclusion: this is not a "collapse imminent" report, but a report that "the old paradigm of returns has ended."
Ray Dalio is not talking about a crash, but about:
Holding the right assets ≠ holding high-yield assets
Nominal profit ≠ actual wealth accumulation
You’ve grasped the core.
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#美元贬值 :It’s not about market trends, but about systemic consequences (your interpretation is very accurate)
Ray Dalio’s original logic is:
US debt, deficits, welfare, military spending → can only be resolved through monetization
This is not a one-time QE, but a long-term, gentle, irreversible dilut