All Segments
Ray Dalio: What is Money?
3 segments available
Full episode with Ray Dalio (Dec 2019): https://www.youtube.com/watch?v=M95m2EFb7IQ Clips channel (Lex Clips): https://www.youtube.com/lexclips Main channel (Lex Fridman): https://www.youtube.com/lexfridman (more links below) Podcast full episodes playlist: https://www.youtube.com/playlist?list=PLrAXtmErZgOdP_8GztsuKi9nrraNbKKp4 Podcasts clips playlist: https://www.youtube.com/playlist?list=PLrAXtmErZgOeciFP3CBCIEElOJeitOr41 Podcast website: https://lexfridman.com/ai Podcast on Apple Podcasts (iTunes): https://apple.co/2lwqZIr Podcast on Spotify: https://spoti.fi/2nEwCF8 Podcast RSS: https://lexfridman.com/category/ai/feed/ Ray Dalio is the founder, Co-Chairman and Co-Chief Investment Officer of Bridgewater Associates, one of the world's largest and most successful investment firms that is famous for the principles of radical truth and transparency that underlie its culture. Ray is one of the wealthiest people in the world, with ideas that extend far beyond the specifics of how he made that wealth. His ideas, applicable to everyone, are brilliantly summarized in his book Principles. Subscribe to this YouTube channel or connect on: - Twitter: https://twitter.com/lexfridman - LinkedIn: https://www.linkedin.com/in/lexfridman - Facebook: https://www.facebook.com/lexfridman - Instagram: https://www.instagram.com/lexfridman - Medium: https://medium.com/@lexfridman - Support on Patreon: https://www.patreon.com/lexfridman
Segments Timeline
The Nature of Money
Ray Dalio explores the fundamental question of what money is, emphasizing its role as both a medium of exchange and a store of wealth. He discusses how money's value is derived from collective agreement and perception, illustrating this with examples from different cultures, including the use of stones as currency.
"again maybe another another dumb question but there are no such things as dumb questions only there you go but what is money so you've mentioned you know credit and money it's another thing that if I ..."
Cultural Perspectives on Currency
Dalio shares fascinating anecdotes about various forms of money across cultures, such as large stones and shells, highlighting how their perceived value is maintained even when they are not physically present. This segment underscores the importance of societal recognition in establishing what constitutes money.
"money you know the so you could say something's a medium of exchange and then you could say is it a store hold of wealth okay so those and money is that vehicle that is those things and can be used to..."
The Evolution of Money
In this segment, Dalio discusses the historical evolution of money, contrasting currencies backed by tangible assets like gold with fiat money. He warns of the vulnerabilities inherent in fiat systems, noting that no currency has lasted indefinitely and that the need for a reliable medium of exchange and store of wealth continues to drive changes in monetary systems.
"rock the fact that somebody owned it they would say oh I'll I'll loan it for this and that I've seen beads in different places shells converted to this and mediums of exchange and when we look at what..."