Dalio said that history shows all fiat currencies go down in all such periods, which followed the interviewer's reference to times "where they can print the money".

Test: whether history shows that in periods when governments can and do print large amounts of money (debt monetisation, heavy money creation), fiat currencies lose value in real terms (purchasing power or against gold and hard assets). True: the historical record shows this consistently across such episodes, with no notable counterexamples. Mostly true: the pattern holds overwhelmingly, with only minor or brief exceptions. Mixed: it holds in many episodes but there are significant counterexamples. Mostly false: it holds only in selected cases, such as hyperinflations, and is generalised as 'all'. False: currencies generally did not lose value in such periods.

Set before the research began.

1. E1 Quantitative Easing, MMT, and Inflation/Deflation: A Primer Lyn Alden · 3 May 2020

   “Broad money supply (M2) per capita increased by an annualized rate of about 5.0% from the beginning of 2008 to the beginning of 2020. Official consumer price inflation only increased by an annualized rate of about 1.6% during that timeframe, although it is more or less in various cities.”

2. E2 Quantitative Easing, MMT, and Inflation/Deflation: A Primer Lyn Alden · 3 May 2020

   “Many investors feared that the QE performed from 2008 to 2014 would cause consumer price inflation, but for the most part it did not.”

3. E3 Quantitative Easing, MMT, and Inflation/Deflation: A Primer Lyn Alden · 3 May 2020

   “It was more inflationary for financial assets than consumer prices.”

4. E4 Quantitative Easing, MMT, and Inflation/Deflation: A Primer Lyn Alden · 3 May 2020

   “Whether monetary and fiscal policies result in significant consumer price inflation or not depends on where the money is spent, the magnitude of that spending, what other inflationary or deflationary forces are occurring to fight with or against it, and whether people have confidence in the soundness of the currency.”

5. E5 Quantitative Easing, MMT, and Inflation/Deflation: A Primer Lyn Alden · 3 May 2020

   “Broad money supply (M2) per capita increased by an annualized rate of about 5.0% from the beginning of 2008 to the beginning of 2020. Official consumer price inflation only increased by an annualized rate of about 1.6% during that timeframe, although it is more or less in various cities.”

6. E6 Quantitative Easing, MMT, and Inflation/Deflation: A Primer Lyn Alden · 3 May 2020

   “So, trillions of new dollars were created on an absolute basis and a per-capita basis, with limited effect on many prices.”

7. E7 Quantitative Easing, MMT, and Inflation/Deflation: A Primer Lyn Alden · 3 May 2020

   “It was more inflationary for financial assets than consumer prices.”

8. E8 The Fiscal Origin of the COVID-19 Price Surge Federal Reserve Bank of St. Louis (On the Economy blog) · 6 March 2025

   “This latter phenomenon may explain the lack of inflation during the financial crisis.”

9. E9 The Fiscal Origin of the COVID-19 Price Surge Federal Reserve Bank of St. Louis (On the Economy blog) · 6 March 2025

   “Prices, represented by the personal consumption expenditures (PCE) price index excluding energy, were about 10% above their prepandemic trend by January 2025.”

10. E10 The Fiscal Origin of the COVID-19 Price Surge Federal Reserve Bank of St. Louis (On the Economy blog) · 6 March 2025

    “The COVID-19 inflation episode suggests that the fiscal expansion in 2020 and 2021 was ultimately not supported by a higher demand for government liabilities, which resulted in a permanent increase in the price level”

The evidence covers two US episodes of heavy money creation. In 2008–2020, broad money per capita grew about 5.0% a year while official consumer prices rose about 1.6% a year. QE had only a 'limited effect on many prices' but was 'more inflationary for financial assets' (E1, E3, E6). So the dollar still lost purchasing power and lost value against assets, which is the test the criteria set, though the loss was much smaller than many expected (E2). The St. Louis Fed reports that the 2020–21 fiscal expansion caused a lasting rise in the price level, about 10% above trend (E9, E10). Neither episode contradicts the pattern, but E4 says the size of the effect depends on conditions, and the evidence does not cover the full historical record that the word 'all' implies.