How Countries Go Broke

The Big Cycle

Author: Ray Dalio Series: Principles

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Description

Do big government debts threaten our collective well-being? Are there limits to debt growth? Can a big, important reserve currency country like the United States really go broke--and what would that look like?

For decades, politicians, policymakers, and investors have debated these questions, but the answers have eluded them. In this groundbreaking book, Ray Dalio, one of the greatest investors of our time who anticipated the 2008 global financial crisis and the 2010-12 European debt crisis, shares for the first time his detailed explanation of what he calls the "Big Debt Cycle." Understanding this cycle is critical for helping policymakers, investors, and the general public grasp where we are and where we are headed with the debt issue. Dalio's model points toward surprisingly straightforward solutions for dealing with the debt problems that the US, Europe, Japan, and China face today.

How Countries Go Broke also shows how these debt problems are related to the other forces--political within countries, geopolitical between countries, natural (droughts, floods, and pandemics), and technological (most importantly, AI)--that together are causing what Dalio calls the "Overall Big Cycle" changes in the world order. By reading this book, you will improve your understanding of what's happening now and what to do about it.

Critic Reviews

Praise for Principles: Life and Work
Winner of the Axiom Business Book Award for 2018

"Mr. Dalio has long been an object of fascination. . . . His new book is more significant than the original list of principles: It is part memoir, part how-to guide. It is a deeply personal story, with Mr. Dalio wading into how he started his firm in 1975, internal conflicts inside the company, and strife early on in his career. The book is both instructive and surprisingly moving. . . . Underneath what may seem like a clinical, emotionless approach is something different and far more poignant: Mr. Dalio is preaching for individuals to have a sense of humility and introspection, an ability to open themselves to appreciate pointed criticism and use it to improve."
--The New York Times

"I absolutely loved this book. It's beautifully written and filled with such wisdom."
--Arianna Huffington
"I found it to be truly extraordinary. Every page is full of so many principles of distinction and insights--and I love how Ray incorporates his history and his life in such an elegant way."
--Tony Robbins
"I highly, highly recommend this book. It has already changed how I think about making decisions in my life and in my business."
--Tim Ferriss
"I was surprisingly moved by it. I found it to be remarkably engaging. It made me think about life and how we all deal with each other in pretty profound ways. And Mr. Dalio's own story about how he came to these principles is fascinating."
--Andrew Ross Sorkin
"If there was an 'it' book for businesses or careers in 2017, it was Ray Dalio's Principles. The book, weighing in at nearly 600 pages, begins with the author's own story, including the rise of Bridgewater Associates, Dalio's highly successful investment firm. Part memoir, part strategic plan, Dalio uses his own history to provide suggestions on attaining success while always stressing the power of individuality and personal goals. This isn't just a book for the power elite. Dalio's highly detailed game plan focuses on what he calls 'radical' truths and transparencies, and are applicable to the careers of powerful CEOs, ladder-climbing executives, longtime grunts, and fresh-faced rookies."
--Chicago Tribune
"Ray brings unique analytic insights about how to think about complex issues. His Principles is a must read. It's a gift to all of us."
--Steve Schwarzman
"Ray Dalio has provided me with invaluable guidance and insights that are now available to you in Principles."
--Bill Gates
"Ray Dalio's market acumen is legendary, but it was creating and living by a set of principles that allowed him to reach the top. Everyone with goals and dreams can learn from Ray's approach."
--Michael Bloomberg
"The billionaire investor has created the strongest culture I've ever seen in an organization--one that prizes radical transparency over politics and meritocracy over democracy. In his long-awaited book, he describes the systems that he has designed to shape meaningful work, meaningful relationships, and the world's most successful hedge fund."
--Adam Grant
"What makes Dalio compelling is not just his track record but the way he goes about making money, and the rigorous analysis he applies to understanding markets, organizations, the economy, and life."
--Fortune

About the Author

Ray Dalio is Founder, Co-CIO and Member of the Bridgewater Board, which, over the last forty years, has become the largest and best-performing hedge fund in the world. Dalio has appeared on the Time 100 list of the most influential people in the world as well as the Bloomberg Markets list of the 50 most influential people. He is also #1 New York Times bestselling author of Principles, Principles for Navigating Big Debt Crises, and Principles for Dealing with the Changing World Order. He lives with his family in Connecticut.