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Ray Dalio

What Ray Dalio thinks about government

@ray-dalio · 21 positions · On ppll ↗

Founder of Bridgewater Associates, which he led from 1975 until stepping back from control in 2022. Author of Principles, The Changing World Order and How Countries Go Broke; publishes economic analysis at economicprinciples.org.

Ray Dalio did not write this page.

We collected these quotes from things they published elsewhere, and every quote links to where it was said. They have no account here and have not endorsed this site. Quotes are word for word; the short line under each one is our own restatement, not their wording. Their own site. Is this you? Claim it or ask us to remove it. Or tell us what is wrong here.

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Only Ray Dalio on government. See everyone on government

3 dated positions, 2026, in their own words. Our reading of what Ray Dalio has said — not written or endorsed by them.

3 positions so far — this page is not yet offered to search engines.

  1. Our readingA government's debt dynamics are a household's or a company's, except that it can print money and tax -- and those two powers are what change the ending.

    interest rates

    Their wordsThe debt dynamics work the same for a central government as they do for a person or a company, except that a central government has a central bank that can print money (which devalues it) and it can take money away from people via taxes.

    ↗How Countries Go Broke: The Dynamic Behind What is Happening Nowraydalio.substack.com

  3. Our readingA government debt crisis is measurable and therefore visible well in advance; the diagnostic is mechanical rather than a matter of judgement.

    investing

    Their wordsBecause one can measure these things, one can monitor this debt dynamic happening, so it’s easy to see problems approaching. I’ve used this diagnostic process in my investing and I’ve kept it to myself, but I’m now explaining it in detail in How Countries Go Broke: The Big Cycle because it is too important to keep to myself.

    ↗How Countries Go Broke: The Dynamic Behind What is Happening Nowraydalio.substack.com

  5. Our readingThe late stage of the Big Debt Cycle shows itself as long rates leading rates up, the currency falling against gold, and the treasury shortening maturities.

    interest rates

    Their wordsEarly in the final stage of the Big Debt Cycle, the market action reflects this dynamic via interest rates rising led by long-term rates, the currency declining especially relative to gold, and the central government’s treasury department shortening the maturities of its debt offerings because of a shortage of the demand for long-term debt.

    ↗How Countries Go Broke: The Dynamic Behind What is Happening Nowraydalio.substack.com