Asymmetric Risks in US Economy
Goodbye Hegemony! How the End of an Era is Changing the Rules of Money
One of the key lessons my grandfather taught me is that strong generations create weak generations, and weak generations create strong generations.
This is a principle that Ray Dalio has also affirmed, and we have discussed it numerous times in this newsletter. Throughout history, world orders tend to last about 100-200 years.
Naturally, these cycles experience numerous ups and downs. We see contractions and expansions, but there are also more cultural factors that go beyond market fluctuations.
One of the charts that best describes this is as follows: