Ray Dalio in his most recent newsletters, the guy's intelligence is greatly overestimated:
'As I see it, the template to keep in mind is that capitalism (with or without “Chinese characteristics”) produces credit that creates spending power, which when used well unleashes creativity and prosperity, which produces the upward wave in the cycle. But it also inevitably creates a lot of debt and wealth gaps, and when the debt becomes too large to pay off and there are big wealth gaps, that causes the cycle to reverse.'
'Capitalism created debt bubbles' WTF what a loser
Central planners by promising free stuff to NPCs created the huge debt bubbles
Oddbean new post about login | logout