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Ray Dalio, thank you very much. We spoke last year in exactly this place, and you outlined,

in part, kind of the cycle that you see in civilizations vying for supremacy of the world.

And not everyone, I think, kind of bought into your views on this, and you were derided as, you know,

Jeremiah is scaring people and everything.

A year later, you have a new summary of ideas that you've been

formulating for a long time out this week, and about 18 people have sent it to me. And so I think

we've reached a moment where people are ready to hear what you're saying. So if you wouldn't mind

outlining in whatever detail you like, the cycle that you see the countries go through and where

our country, the U.S. is in that cycle?

Gladly.

Yeah, so there's a cycle.

There are orders.

There are systems, right?

So there's a monetary order.

How does the economy work?

You put in money, creates credit, people with credit, do things with that, they borrow.

If they can earn enough money to pay back, the system works well, they create productivity,

they create opportunities, the capital markets, and so on.

...