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Episode 53: Ray Dalio
Straight Talk with Hank Paulson
The Cycle of Capitalism
capitalism creates larger wealth gaps because it distributes income and wealth unevenly, naturally. And with that, you also have systems that people feel are not fair in terms of equal opportunity. When countries reach that stage, that they the exorbitant privilege of having a reserve currency, but that gets them deeper into debt, because they can borrow easily. So those ingredients, the combination of debts rising, larger wealth gaps tha reduce competitiveness and so on, begin to affect its competitive where the other power is then rising.
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