Ray Dalio

Germany, Italy, Spain, and Japan, because there's a lot of internal conflict over wealth when you have that.

And so that creates a lot of internal disorder, a lot of fighting, okay?

In some ways, almost civil wars forms everywhere, some form of civil war.

Who wins the internal war?

And, of course, that happens also at the same time as there's the external conflict.

First of all, everybody's fighting over resources.

You have populists come to power, and the populists are not compromisers the way democracies work.

Yeah, let's fight.

I'm going to fight for you.

And you've got to pick a side.

And so the moderates...

There's no place for moderates.

You've got to pick a side.

And the sides are, let's say, internally in the country, the left and the right.

And externally, you know, I don't know, the Americans and the Chinese or the Americans.

OK.

And you've got to pick a side and fight.

And so that becomes the dynamic that is these periods of time.

And these periods of time have typically lasted about 10 to 15 years.

And they have various symptoms to it.