How Countries Go Broke
How Countries Go Broke
by Ray Dalio
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About the Book
#1 NEW YORK TIMES BESTSELLER“
Advance copies of Ray Dalio’s new book about how countries go broke have become a hot read in Washington.” —The New York Times“
This book is a gift to humanity….Ray provides a solution to what is the biggest and most certain threat to our prosperity.” —Henry M. Paulson Jr.“An invaluable resource for policymakers, investors, and citizens.” —Lawrence H. Summers
An urgent warning about the American economy from Ray Dalio, the #1 New York Times bestselling author of Principles.
Do big government debts threaten our collective well-being? Are there limits to debt growth? Can a big, important reserve currency country like the United States really go broke—and what would that look like?
For decades, politicians, policymakers, and investors have debated these questions, but the answers have eluded them. In this groundbreaking book, Ray Dalio, one of the greatest investors of our time who anticipated the 2008 global financial crisis and the 2010–12 European debt crisis, shares for the first time his detailed explanation of what he calls the “Big Debt Cycle.” Understanding this cycle is critical for helping policymakers, investors, and the general public grasp where we are and where we are headed with the debt issue. Dalio’s model points toward surprisingly straightforward solutions for dealing with the debt problems that the US, Europe, Japan, and China face today.
How Countries Go Broke also shows how these debt problems are related to the other forces—political within countries, geopolitical between countries, natural (droughts, floods, and pandemics), and technological (most importantly, AI)—that together are causing what Dalio calls the “Overall Big Cycle” changes in the world order. By reading this book, you will improve your understanding of what’s happening now and what to do about it.
About the Author
Ray Dalio is Founder, Co-CIO and Member of the Bridgewater Board, which, over the last forty years, has become the largest and best-performing
hedge fund in the world. Dalio has appeared on the Time 100 list of the most influential people in the world as well as the Bloomberg Markets list of the 50 most influential people. He is also #1 New York Times bestselling author of Principles, Principles for Navigating Big Debt Crises, and Principles for Dealing with the Changing World Order. He lives with his family in Connecticut.
Editorial Reviews
“Even if most investors don’t have Dalio’s unique talents to time debt cycles, policymakers would do well to pay attention to his concerns. . . . The book is packed with charts, equations, and highlighted action points illustrating just how a country might ‘go broke.’ Data geeks will not go unrewarded. . . . I broadly agree with Dalio’s bottom line for the U.S., even though that puts us both out of the consensus for the moment.” —Kenneth Rogoff, The Financial Times
“Ray provides a solution to what is the biggest and most certain threat to our prosperity—the ticking debt bomb. No one understands markets and fiscal cycles better than Ray. His book is a must read for policymakers and anyone who wants to dig deep and learn. This book is a gift to humanity.” —Henry M. Paulson Jr., former Secretary of the Treasury
“This book should be a must read for every member of Congress, everybody in the administration, everyone who wants to understand how important this issue is.” —Joe Scarborough, former Congressman and host of Morning Joe
“Ray Dalio's brilliant, iconoclastic approach to understanding financial markets and the economy has richly rewarded him with the predictive powers that made him one of the great investors of our time. This book distills his insights and applies them to the current perilous moment. It is an invaluable resource for policy makers, investors, and citizens.” —Lawrence H. Summers, former Secretary of the Treasury and author of Evolution or Revolution?: Rethinking Macroeconomic Policy After the Great Recession
“Everything Ray Dalio writes is compelling reading for the investor and the policymaker. This is an excellent and bracing study of one of the toughest and most dangerous set of policy risks, adding to his already valuable work on what drives the rise and demise of markets, economies and empires.” —Timothy Geithner, former Secretary of the Treasury
“Ray Dalio is issuing an exceedingly important warning about how countries go broke, how that pertains to the U.S., and what needs to be done to change course. His nonpartisan insights are grounded in experience and analysis—let’s hope every lawmaker reads this book before they consider voting to add even another dollar to the national debt.” —Maya MacGuineas, President of the Committee for a Responsible Federal Budget
“There’s so much going on in the world right now, and Ray is my go-to voice for understanding what it all means. His new book is a must-read.” —Tony Robbins, #1 New York Times bestselling author, global entrepreneur, investor, philanthropist, and the world’s #1 life and business strategist