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Ray Dalio – John Mauldin Conversation, Part 6
July 12, 2019
No Easy Solutions
A Radical Restructuring of the Economy and Tax Code
MP3?
A Brief Commercial
New York, Maine, and Montana
This is the final letter of the six-part series of my reply to Ray Dalio’s essays. Here are some links to help you wrap it all together.
- Ray’s original letter: Why and How Capitalism Needs to Be Reformed, Parts 1 and 2
- His follow-up: It’s Time to Look More Carefully at ‘Monetary Policy 3 (MP3)’ and ‘Modern Monetary Theory (MMT)’
- A generous and gentlemanly reply from Ray in Forbes
As Ray notes, the problems he describes really are existential. He and I agree more than we disagree, but our responses differ.
I think that we both agree that the wrong answers will cause much angst and pain for most of our fellow citizens (and that is a severe understatement). And given his reply to me in Forbes, I think Ray would agree with me there are no easy solutions, only very difficult choices vs. disastrous ones. The longer we wait to deal with the problems, the more painful resolving them will be.
And make no mistake, the existential problems we are talking about (and neither of us use the word “existential” lightly) will resolve themselves in a highly tumultuous manner if we as a society don’t face them directly and soon. They are mostly problems of our own making, and since there are no time machines, we must deal with the reality which we created.
Today in my final reply to Ray I sum up my previous letters and describe one possible path for dealing with these problems. My idea will be controversial for most people....
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