Bridgewater's Ray Dalio gives us a short, simple lesson on how the economy works. If thirty minutes is not short enough for you, zip ahead to the 7:00 mark, where begins a four-minute explanation of debt cycles and the difference between good and bad credit.
Dalio makes the case toward the end that deleveraging can be "beautiful." Color me skeptical.
A volatile market of gyrating currencies and grasping governments shrinks the horizons of the economy and reduces it to high frequency trading and arbitrage in a hypertrophy of finance. --George Gilder