How Countries Go Broke

"This book is a gift to humanity....Ray provides a solution to what is the biggest and most certain threat to our prosperity." --Henry M. Paulson Jr.

"An invaluable resource for policymakers, investors, and citizens." --Lawrence H. Summers

An urgent warning about the American economy from Ray Dalio, the #1 New York Times bestselling author of Principles.

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.

"Everything Ray Dalio writes is compelling reading for the investor and the policymaker. This is an excellent and bracing study of one of the toughest and most dangerous set of policy risks, adding to his already valuable work on what drives the rise and demise of markets, economies and empires."
--Timothy Geithner, former Secretary of the Treasury
Praise for How Countries Go Broke

"Ray provides a solution to what is the biggest and most certain threat to our prosperity--the ticking debt bomb. No one understands markets and fiscal cycles better than Ray. His book is a must read for policymakers and anyone who wants to dig deep and learn. This book is a gift to humanity."
--Henry M. Paulson Jr., former Secretary of the Treasury

"Ray Dalio is issuing an exceedingly important warning about how countries go broke, how that pertains to the U.S., and what needs to be done to change course. His nonpartisan insights are grounded in experience and analysis--let's hope every lawmaker reads this book before they consider voting to add even another dollar to the national debt."
--Maya MacGuineas, President of the Committee for a Responsible Federal Budget
"Ray Dalio's brilliant, iconoclastic approach to understanding financial markets and the economy has richly rewarded him with the predictive powers that made him one of the great investors of our time. This book distills his insights and applies them to the current perilous moment. It is an invaluable resource for policy makers, investors, and citizens."
--Lawrence H. Summers, former Secretary of the Treasury and author of Evolution or Revolution?: Rethinking Macroeconomic Policy After the Great Recession
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
"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 Dalio has provided me with invaluable guidance and insights that are now available to you in Principles."
--Bill Gates

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.

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