How Countries Go Broke 📉 | Ray Dalio’s Big Debt Cycle Explained

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📘 Why do countries rise, peak, and fall?

Why do debt crises, money printing, inflation, and political polarization so often appear together?

In this video, I review How Countries Go Broke: The Big Cycle by Ray Dalio, a big-picture nonfiction book that argues national debt crises follow long-term, repeatable patterns rather than random disasters.

Dalio lays out what he calls the Big Debt Cycle, showing how:
📊 Debt grows faster than income over time
🏦 Governments absorb private-sector losses
💵 Central banks step in with low rates and money creation
⚖️ Inequality and political conflict intensify
🌍 Global power shifts as old leaders weaken and new ones rise

In this review, I break down:
✨ The structure of the Big Debt Cycle
✨ How the crisis moves from private debt to governments and central banks
✨ Historical examples from the U.S., China, and Japan
✨ What Dalio thinks may be coming next
✨ My personal reaction and who this book is (and is not) for

This is not a market-timing book and not a political manifesto. It’s a framework-driven attempt to understand long-term economic and historical forces shaping nations.

If you’re interested in history, economics, global power, or understanding today’s financial anxieties in a longer historical context, this book is well worth engaging with.

📚 More nonfiction reviews, history books, and big-picture thinking on my channel, Spencer Reads Everything.

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📘 Very Short Introduction Series ➡️    • A Very Short Introduction Series  

🎓 The Great Courses Reviews ➡️    • The Great Courses  

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0:00 Hook
0:31 Introduction
1:14 Ray Dalio
1:56 How Countries Go Broke Summary
2:39 Part I: Overview of the Big Debt Cycle
3:19 Part II: The Archetypical Sequence Leading to Central Governments and Central Banks Going Broke
4:06 Part III: Looking Back
4:44 Part IV: Looking Ahead
5:23 Argumentative Distinctions
7:01 Personal Reaction
7:50 Who is this for?
8:47 Who is this NOT for?
9:48 Final Thoughts