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Money is Debt, Debt is Money

Money is debt, and debt is money. It confuses a lot of people when I say that, but the mechanics are fairly straightforward.

A debt instrument is just a promise to deliver money in the future. What that money is worth determines the value of what you’re holding.

That’s why currency valuation is so critical, and why I think people need to pay more attention to it when thinking about the broader economy. @nikhil.kamath
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About Ray Dalio
Ray Dalio
Raymond Thomas Dalio is an American billionaire hedge fund manager and philanthropist who has served as co-chief investment officer of Bridgewater Associates since 1985. He founded Bridgewater in 1975 in New York. Within ten years, it was infused with a US$5 million investment from the World Bank's retirement fund.
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