'Beginning of the end of the monetary system as we know it'

Billionaire investor Ray Dalio said in Davos that the global monetary order is entering a period of profound change, warning that the dominance of fiat currencies is fading under the weight of rising debt. Speaking to Hadley Gamble, Dalio said the issue extends far beyond the US dollar. “It’s the beginning of the end of the monetary system as we know it,” he said, arguing that the pound, euro, yen and China’s currency face similar structural pressures. Dalio said central banks and sovereign wealth funds are increasingly turning to gold, which he described as “the only non-fiat currency,” noting it “can’t be printed” and has historically served as the world’s main currency during periods of monetary stress.