Book · 2025 · Business & Economics
How Countries Go Broke
The Big Cycle
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This week Ry is releasing a new book called how countries go broke in which he analyzes and shares his studies on this particular topic and I'm really excited for Ry to join me here uh today.
Why people recommend it
How Countries Go Broke by Ray Dalio is an analytical examination of currency debt markets, historical economic cycles, and national financial collapses. David Sacks discussed the book extensively on All-In with Chamath, Jason, Sacks & Friedberg, noting that he had read it over the weekend and used a highlighter for the first time in a long time. Sacks pointed out that the book is conveniently available online for free and served as the main topic of conversation during the episode. Sacks highlighted several striking statistics from the text, including the premise that only about twenty percent of the seven hundred and fifty currency debt markets existing since seventeen hundred still remain, and all surviving markets have devalued through the mechanistic processes Dalio describes. Furthermore, Sacks praised an illustration inside the book outlining the big debt cycle, which details small expansion and contraction waves as debt enters the market. The discussion also touched on how Dalio uses the book to compare the differing geopolitical and warfare strategies of the United States and China. Sacks thoroughly recommended the work for its deep insights into macroeconomic history.
Every mention
David Sacks I mean nothing's going to be insurmountable that would mean I I go through the numbers in the book by the w… 5
“this week Ry is releasing a new book called how countries go broke in which he analyzes and shares his studies on this particular topic and I'm really excited for Ry to join me here uh today”
“I think you make a really important point at the front of the book only about 20% of the 750 currency debt markets that have existed since 1700 still remain and all of them that still remain have devalued through the mechanistic process you describe in the book”
“and you've got a nice image in your book that I really appreciate here's a kind of overview of the big debt cycle that you talk about which is there's small expansion and contraction waves as as debt comes into the market”
“I mean nothing's going to be insurmountable that would mean I I go through the numbers in the book by the way this book is online free and everybody everybody can get it I read it this weekend I have a I and I and I used a highlighter for the first time in a long time”
“you describe in your book the difference between how the United States goes to war and how China goes to war”
Also mentioned in the same episodes
Other mentions (4: passing, ad reads, own books)
“I wrote my most recent book to explain how it works with 35 examples was called How countries go broke.”
“Well I I um because of that my last book my most recent book put out about a little less than a year ago um is called how countries go broke. Yes. The big cycle. And what I wanted to do and is to just show 35 cases of it.”
“Ray Dalio is a legendary investor, billionaire, and founder of Bridgewater Associates, the world’s largest hedge fund with over $160 billion in assets under management. He is also the bestselling author of 5 books, including:, ‘How Countries Go Broke: Principles for Navigating the Big Debt Cycle, Where We Are Headed, and What We Should Do’.”
“Well, like I say, I I think to really understand that either of my books, Changing World Order or How Countries Go Broke the Big Cycle. Either of those would be good.”