Ray Dalio on the Economic Machine

This is a great video by a guy who knows what he's talking about. Ray Dalio is a hedge fund billionaire but he is neither a crony (like Buffett) or a crook (like Steve Cohen).

Five years after the financial crisis there is still a lot of confusion about what happened and what we can expect going forward. This video is 30 minutes long, which is long-ish these days, but well worth it. Much of it should seem familiar, but it's the way he puts it all together which is masterful.

Dalio largely confines himself to describing the way things are, not the way things "ought'a be". Which is refreshingly humble, especially coming from a billionaire. His little prescriptive bit at the end is one I think folks here would find pretty un-objectionable.

It's basic, and it's somewhat simplified, but if you understand everything in this video - and there's no reason you shouldn't - you will be part of the "1%".

(Meaning, you will know more about the economy than 99% of people, including most people in Washington DC, or most readers of the New York Times.)