Ray Dalio

So that's what the cycle looks like if you have losses.

And then you also have, under those circumstances, classically, the weakening of the central bank's

or I should say the strengthening of the central government's control over the central bank.

In other words, when these things happen, then they can't be at odds, okay?

And so there is greater control by the central government

Are you writing the news?

No, I've just seen this movie before.

It's exactly what's happening.

I know, but that's what I'm saying.

Because it must happen in the nature of that dynamic when you have, imagine the fight between the central bank and the central government in the middle of a crisis and so on.

So there is this control because there's a monetary thing.

Right.

What happens if you're the president of the United States or you are the leader in that country and you are in this kind of a monetary crisis?

It's like anything, any fight.

You don't want the internal fight.

You want to get control and there's a fight for control.

So we're living in a world today in which there are fights for control, right?

Who has the power and the fights for control?

Pretty much almost only in retrospect.

What happens...