Ray Dalio

You're holding all these financial assets.

What is the value of a financial asset?

It has no intrinsic value.

Its only value is what it can buy.

But there are many, many more financial assets out there, the most financial assets out there that there's ever been relative to the value of stuff to buy.

There's too many claims out there.

It's like musical chairs.

If everybody says, oh, wait a second, let me get my stuff.

Let me convert my debt assets.

I want to get my stuff.

I want to get real stuff.

that's a real problem.

And so that's the global picture on the first of those five influences, right?

The fact that it's happening with the other influences is very important because they affect each other.

So this financials picture, by the way, is the same as in the 1930 to 45 period and the same as they were throughout history.

It started with a financial crisis that then caused internal conflict.

What do we know about the financial crisis?

The populism of the left and populism of the right in this internal fighting.

And four countries that were democracies chose not to be democracies because of the conflicts that were existing.

And those countries were...