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Ray Dalio: Principles for Dealing with the Changing World Order

Commonwealth Club of California Podcast

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The Rise of the World's Reserve Currency

The rise phase of the cycle is when a country's share of world trade grows and it becomes richer. During this period, there is little or no fighting because no one wants to fight the dominant power. The wars then are also great equalizers that have redistributed wealth and opportunities. And so, that sort of gets them to the top and then it begins to cause the seeds for difficulty.

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