Ray Dalio

And that populism gets to the point that there are irreconcilable differences.

In other words, the lack of willingness to compromise,

the lack of willingness to accept loss, losing one's vote and so on, but a fight and win for me at all costs.

Like in the 30s, four democracies chose to be autocracies because the polarity was so great and the willingness to go along with that democracy system ceased to exist.

So that dynamic has happened throughout history.

And then the third is the geopolitical order, how countries work relative to each other.

What's the system?

And after World War II, we created a system, a multilateral system, in which it was in some ways naive, but it was very different than existed before in that by being multilateral, having United Nations, a World Trade Organization, a World Health Organization, a World Court,

and all of those, the idea of being representative and they would make decisions in a certain rule-based system was the path.

And, of course, the problem of that is that any system has to have its enforcement.

And if the system as a whole, a multilateral system, is not consistent with the interests

of those who were the most powerful, you know, power rules.

And so you have the dynamic of the breaking down of that order, right?

So we're breaking down the monetary order in a very classic way.

We're breaking down the political order in a very classical way.

We're breaking down the geopolitical order.

So those orders, we have to recognize throughout time, all of those orders have changed.

There's never been a time that they haven't changed and haven't broken down in their issues.

And they're getting back to how they were in some ways in the past.

Number four is acts of nature.