Ray Dalio: You think $35 to $3,500 per ounce is a big move? Peanuts compared to what’s next

From The Jerusalem Post

For decades, the Bretton Woods system had anchored the international monetary order. Currencies were pegged to the U.S. dollar, and the dollar itself was convertible to gold at $35 an ounce. This arrangement was underpinned by trust: foreign governments held dollars with the understanding that they could exchange them for gold at will. But as the U.S. government spent beyond its means-financing wars, social programs, and trade deficits-it printed more dollars than it had gold to back, eroding the credibility of its promise.