Ray Dalio on monetary policy
From 经济机器是怎样运行的 (时长30分钟) Ray Dalio · · Principles by Ray Dalio
“央行通过用这些货币购买金融资产，帮助推升了资产价格，从而提高了人们的信用。但是，这仅仅有助于那些拥有金融资产的人。你看央行可以发行货币，但是只能购买金融资产。而另一方面，中央政府可以购买商品和服务，可以向人民送钱，但是无法印钞票。因此，为了刺激经济，央行和政府必须合作。”
On , Ray Dalio, Founder at Bridgewater Associates, spoke about monetary policy during 经济机器是怎样运行的 (时长30分钟) Ray Dalio on Principles by Ray Dalio.
About Ray Dalio
Ray Dalio, founder of Bridgewater Associates, has been publicly discussing his "five forces" framework for understanding global economic shifts, which he outlined in a Forbes interview in June 2026. He has stated that the U.S. debt burden has passed a "point of no return," comparing debt service payments to plaque squeezing out the flow of blood in the circulatory system. Dalio has also warned that the artificial intelligence boom is showing characteristics of a classic bubble, noting that "all great technology changes produce bubbles" because it is difficult to price the technology accurately. He has advised investors to focus on diversification, suggesting that 15 good uncorrelated bets can reduce risk by up to 80% without reducing returns. Dalio has also commented on geopolitical dynamics, saying that the war in Iran is changing the use of the U.S. dollar and that leaders in Asia have told him it is "clear that the United States cannot fight a war" due to domestic pressures. He has described a shift in which countries in Asia are recalibrating toward China, which he said sees itself entering a new era of influence rooted in its historical "tribute system." Dalio has recommended that investors hold gold and maintain liquidity, and he has drawn parallels between current conditions and the 1929 financial collapse, stating that the structural conditions for a similar crisis are in place.