Ray Dalio | The All-In Interview

1099.2 - 1118.891 David Friedberg

And then this deleveraging stage where the central bank comes in and they start buying all the debt and issuing more cash and the inflation goes up and the value goes down. And then finally, the big debt crisis recedes and we start over again. But you speak about in the top stage, a debt crisis. Can you describe the debt crisis? You know, like, how do we talk, think about the mechanics of