Throughout “The Changing World Order” by Ray Dalio, Dalio uses several metrics to measure a global power: competitiveness, economic output, education, military, financial center, innovation and technology, trade and reserve currency status. He illustrates the need for the United State’s dollar in global trade, yet shows the decline of America and China’s likely succession.
Interestingly, Dalio states, “when credit is created, buying power is created in exchange for a promise to pay back, so it is near-term stimulating and longer-term depressing. That creates cycles. This has led to growth in the form of buying power and eventually to many more promises to pay than can be delivered and broken-promise crises in the form of debt-default depressions and stock market crashes. That is when the bankers and capitalists are hanged both figuratively and literally, vast amounts of wealth and lives are wiped out, and vast amounts of fiat money are printed to try to relieve the crisis (Dalio, pg. 223).” He shows the dramatic performance of gold when debt assets are debased on page 235. 
	Yet, while Dalio assumes hard assets will outperform in our late stage debt cycle, he dismisses Bitcoin and predicts the rise of a digital renminbi in the video below.
	Bitcoin gives its users the power to freely transact without permission. What other historical examples can we see where a central authority lost its grip due to technology? In 1436 the printing press was invented. In 1517 Martin Luther disagreed with the central religious authority and nailed his 95 theses to a public board. Though dissidents had voiced their concerns previously, they had no technology to gain support. In conjunction with the printing press and Luther’s German Biblical translation, Protestant movements upheaved the Catholic Church from their monopoly. Bitcoin allows us to hold our money without permission. Similarly, Luther's Bible allowed Germans to interpret the scripture as they saw fit, decentralizing religious interpretation.
	Maybe Ray Dalio has underestimated the decentralized, trustless money. Maybe we’re not in a crusade like time, whereby Christians and Muslims fought for group based dominance. Maybe, we are in a grassroots period. This war is between the individual and the state. Maybe we will see the power of money return to the working class, instead of the renminbi simply taking the crown.


https://www.youtube.com/watch?v=4VJOgN5Cquo&ab_channel=PrinciplesbyRayDalio

Disclaimer - In no way is this a religious argument, just an interesting parallel between power, information and technology.