Ray Dalio at the FED, October 4th

The full speech can be found here, however, we have extracted its main ideas:

Abnormally slow growth

Future investment returns very low

Monetary policies less and less effective

End of long-term debt cycle

QE close to the limit. Worst country Japan, then Europe, USA and China

There is a limit as to how negative bond yields can go

Gold more attractive than bonds with negative yields

Most similar period 1935-1945

This speech is a must-read paper for everyone interested in understanding the financial world we are living.