Ray Dalio

And so you would say, if anything, you'd worry more about the bubble and how you start to pull the punch bowl, that kind of thing.

But we have a very diverse economy.

So if you're looking at, let's say, the bottom 60% of the population and the conditions of the bottom 60% of the population and labor markets and so on, then you have a very, very different issue.

I don't think monetary policy at all is gonna be able to do that.

I think that there's a strong situation where

You know, the natural instinct is if things aren't exactly like I would like and I'd like to make them better, I should use monetary policy.

Okay, so I mean that's now, we've learned that, right?

Because every time you do that and then things go up and people are happy and so on.

But there's a cost of doing that, right?

The cost in doing that is that there's, you know, one man's debts or another man's assets.

And so when you artificially lower the interest rate so that it is not attractive in a sense to hold as an asset, and it's very attractive to borrow and buy things, that creates an imbalance.

So I think that discipline is not something that anybody seems to want, and yet I think it's needed.

So when I think about the monetary policy and so on, I think not much, if any, but I also think it's not really dealing with the whole so well,

because of the disparity in the parts.

I think, and just to be clear, that's the whole cycle of the Great Cycle.

In there, there are breakdowns of orders, right?

So 1944, we had the breakdown of the monetary order.

We had another breakdown in 1971.

So 1945, we had the breakdown of most countries' political orders and most countries' geopolitical order.

So really, we have those cycles, which are part of then the overall greater cycle.