Ray Dalio

And I've gone through, studied great miracles.

The invention of electricity, right?

I mean, wow, imagine where we'd be without that.

But if you, anyway, I could describe what the 20s would like and 2000s would like and so on.

The ability to convert that to enough of a productivity miracle

is not, I think, probable in also the time frame that we're dealing with.

So this is an issue, the debt is, and that dynamic remains an issue.

And then, of course, what there is is the dynamic of how that prosperity and productivity is shared.

In other words, it creates a great wealth gap.

You're seeing, we'll talk about wealth, I'm going to come back and talk about wealth, but you're seeing great increases in wealth on some populations.

Wow, trillionaire, okay, and that kind of thing.

And then there's 60% of Americans have below a sixth grade reading level.

So that you take that sixth grade.

Okay, now, how are you going?

You still have to deal with the nature of that dynamic of how it comes.

So the question is, what is the amount of productivity converted into income?

How does the government get that income to deal with its debt so the holders of the debt get an effective real return and don't have the problems?

How does that happen in a politically acceptable way?

There are lots of things that make that very, very difficult.

I want to say something about wealth and wealth taxes, which is, I think, worth understanding.