Ray Dahlia, welcome back to the All In podcast, third times the charm. Thanks for being here.

It's always a blast to be here. Thank you for having me. The last conversation we had was so

popular and it was so timely because it was just a few days actually after the inauguration of

President Trump and you had provided some very kind of prescient outlooks for the administration that I think

we all thought would be very helpful to get on the record. At the time, you had highlighted,

and as you have been for some time, this great debt cycle were in the fiscal and monetary

policy issues that are driving that debt cycle and provided

some input that if we were able to cut our deficit to GDP to roughly 3%, we may have a shot

at a smoother transition here. Today, the CBO estimates that the 2026 deficit to GDP

is about 6%.

If you were building a global financial system from first principles today, you wouldn't

build it on 50-year-old legacy rails. You'd build Air Wallachs. It's the single platform for global

accounts, cards, and payments that treats the entire world like a local market. Stop paying the legacy

tax and start building the future at airwallics.com slash all in. Airwallings, build the future. So the first question I

have for you, looking back on the past year of the administration and the actions of Congress and the

economy, are we on a good path? Are we on no different a path than we were, say, a year ago? Are we moving too slowly?

I studied these big cycles in history going back 500 years, and there are five big forces

that are intertwined to determine the answer to your question, which is there's the debt-money

one, and I'll take you into that in a minute. There is the domestic

gaps, the wealth and values gaps that are causing irreconcilable differences between the left and the

right that is affecting how taxes, democracy, and everything works.

There's the international great power conflict, the classic rising of a great power,

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