Ray Dalio

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.

So in the book, I write out, yeah, there's like a disease, like a cancer.

You see stage one, two, three, four.

If you have these things, you could look at it and you could diagnose.

And you see it moving from stage one to two to three to four to five and to six.

You could see that taking place.

And each time you come closer to a bad set of circumstances, bad financial circumstances and bad fighting over things.

The dominoes are beginning to fall.

I mean, okay, you know what the next dominoes are, and you can imagine the anonymous.

So, for example, they're not going to buy the debt.