Renowned investor Ray Dalio has identified the devaluation of the U.S. dollar as the most significant economic story of 2025. Dalio argues that while stock and investment gains appear substantial, they are misleading due to the dollar's decline against major fiat currencies and gold, with a 39% devaluation against the latter. He emphasizes that investment returns, when viewed through the lens of a weakened dollar, seem more robust than they are in reality. Dalio also predicts that the issue of money's value will dominate political discourse, potentially affecting political dynamics, including Trump's position in the upcoming midterm elections. He attributes these economic challenges to expansive fiscal and monetary policies, which have inflated asset prices in dollar terms but not in real value.