Ray Dalio warns on bonds and the dollar, while Howard Marks warms further to Bitcoin

Bridgewater's Ray Dalio has been dour on the outlook for long-dated U.S. Treasurys ([[TLT]], [[TBT]]) and the greenback (USDOLLAR) for some time, but appears to have amped up his bearishness in his latest Principled Perspectives, humbly titled "Why in the world would you own bonds when ..."The arguments will be familiar to anyone who's been following along for the last few years: negative interest rates, exploding fiscal deficits, a central bank that soon might find itself needing to directly monetize government paper.It's all leading to the final stage of the long-term credit/debt cycle, says Dalio. Up next, he suggests, are higher taxes, leading to negative capital flows, and ultimately leading to capital controls. He advises investing money in emerging Asian economies (including - shocker - China).What The Oracle of Westport doesn't suggest investing in is Bitcoin (BTC-USD), though Michael Saylor (MSTR) responded to the Dalio essay, calling the popular crypto