WHEN: Today, Tuesday, May 24, 2022
WHERE: CNBC's "Squawk Box"— Live from the World Economic Forum in Davos, Switzerland
Following are excerpts from the unofficial transcript of a CNBC interview with Ray Dalio, Bridgewater Associates Founder, Co-Chief Investment Officer and Member of the Board, on CNBC's "Squawk Box" (M-F, 6AM-9AM ET) today, Tuesday, May 24th live from the World Economic Forum in Davos, Switzerland. Following is a link to video on CNBC.com:https://www.cnbc.com/video/2022/05/24/cash-is-still-trash-says-bridgewater-associates-ray-dalio.html
All references must be sourced to CNBC.
DALIO ON SELLING
THE FEDERAL RESERVE IS GOING TO SELL, INDIVIDUALS ARE SELLING, FOREIGNERS ARE SELLING, AND THE U.S. GOVERNMENT IS SELLING BECAUSE IT HAS TO FUND ITS DEFICIT. SO THERE'S GOING TO BE A SUPPLY/DEMAND PROBLEM, THAT MEANS THAT IT PRODUCES A SQUEEZE.
DALIO ON CASH
ANDREW ROSS SORKIN: IS CASH STILL TRASH?
RAY DALIO: OF COURSE CASH IS STILL TRASH. CASH – I'M ASKING YOU, DO YOU KNOW HOW FAST YOU'RE LOSING BUYING POWER IN CASH?
DALIO ON CURRENCIES
SO WHEN I SAY CASH IS TRASH, WHAT I MEAN IS ALL CURRENCIES IN RELATIONSHIP TO THE EURO, IN RELATIONSHIP TO THE YEN, ALL OF THOSE CURRENCIES LIKE IN THE 1930'S WILL BE CURRENCIES THAT WILL GO DOWN IN RELATIONSHIP TO GOODS AND SERVICES.
DALIO ON CRYPTOCURRIENCES BEING DIGITAL GOLD
CRYPTOCURRENCIES IN PARTICULAR – I THINK BLOCKCHAIN'S GREAT. BUT LET'S CALL IT A DIGITAL GOLD. I THINK A DIGITAL GOLD, WHICH WOULD BE A BITCOIN KIND OF THING, IS SOMETHING THAT – PROBABLY IN THE INTEREST OF DIVERSIFICATION OF FINDING AN ALTERNATIVE TO GOLD – HAS A LITTLE SPOT RELATIVE TO GOLD AND THEN RELATIVE TO OTHER ASSETS.