The Big Cycle: Reaching the Top скачать в хорошем качестве

The Big Cycle: Reaching the Top

The seeds of every great empire’s inevitable decline are embedded within the fruits of its successes. A predictable cycle occurs that makes people in rich and powerful countries less competitive and more vulnerable to challenges. Having the world’s reserve currency inevitably leads to borrowing excessively and contributes to the country building up large debts with foreign lenders. This borrowing sustains the power beyond its fundamentals by financing both domestic overconsumption and international military conflicts required to maintain the empire. This cycle of borrowing and spending boosts a great power’s spending power over the short-term and makes it appear very strong. But its finances are in fact being weakened. #principles #raydalio #history #empire