[zby]

Dalio has gathered quite a lot of data - but he fails to discuss one difference between those past empires and USA. In the past money was based on gold and debasing the currency was quite easy to spot. With pure fiat money there is no such clear measure to tell that it is inflated.

[didericis]

I’m still reading that book, but he describes pure fiat as response to that kind of dynamic (people noticing the value of the debt being reduced relative to hard money and it being harder to sell). I believe he cited a couple other examples of pure fiat/lack of gold or hard asset convertibility, but don’t remember what they are. This wikipedia article mentions some examples: https://en.wikipedia.org/wiki/Fiat_money

[ur-whale]

> With pure fiat money there is no such clear measure to tell that it is inflated.

Especially if you read HN, where many people believe and will try to explain why currency debasement is a completely outdated idea, generally not applicable in our modern financial system.

[lumost]

I’ve been in a company heading for the layoff more than once. The final sign that it’s coming is a strange ossification of goals and thinking around ideas that more or less amount to “focus on every other data point other than the ones we’re failing at”.

[anm89]

I think he is quite aware of this distinction and definitely brings it up in various ways.