1929 vs. Now: The Difference is Where the Debt is
Principles by Ray Dalio
@principlesbyraydalioAbout
Ray Dalio founded and built the world’s largest hedge fund, Bridgewater Associates. He’s also the author of the #1 NYTimes Bestseller, Principles: Life and Work and Principles for Dealing with the Changing World Order. He is known to have a very practical understanding of economics that is very different from conventional economic thinking that he spells out in his video series "How the Economic Machine Works
Video Description
Economic bubbles throughout history tend to follow similar patterns, but they are never exactly the same. In 1929 and 2008, there was a lot of debt — but most of it was owned by the private sector. Today, the government sector has a lot of the debt. Still, one man’s debts are another man’s assets. And when the bill comes due and the debt assets aren’t as appealing as the alternatives, some sort of monetization is inevitable. I recently sat down with CNBC's Andrew Ross Sorkin to discuss this in the context of his latest book, 1929: Inside the Greatest Crash in Wall Street History — and How It Shattered a Nation. The parallels between that era and now are striking. You can watch the full conversation here: https://youtu.be/HnIo7DbZw9A
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