Дима Смирнов

“By the way, many of the European Renaissance innovations had already been in place in China for centuries because the Chinese discovered the key elements to produce it—e.g., the printing press, the scientific method, and the meritocratic placements of people in jobs—much earlier. One can think of China’s Neo-Confucianism, described earlier, as being like China’s Renaissance because, as in Europe’s Renaissance, it led to more logic- and evidence-based thinking and more inventive rather than religious worldviews.”
― Ray Dalio, Principles for Dealing with the Changing World Order: Why Nations Succeed or Fail

“When individual countries have more power than the collectives of countries, the more powerful individual countries rule. For example, if the US, China, or other countries have more power than the United Nations, then the US, China, or other countries will determine how things go rather than the United Nations. That is because power prevails, and wealth and power among equals is rarely given up without a fight.”
― Ray Dalio, Principles for Dealing with the Changing World Order: Why Nations Succeed or Fail

“To reiterate, in the upwave, debt is increased and financial wealth and obligations rise relative to tangible wealth to the point that these promises to pay in the future (i.e., the values of cash, bonds, and stocks) can’t be met. This causes “run on the bank”-type debt problems to emerge, which leads to the printing of money to try to relieve the problems of debt defaults and falling stock market prices, which leads to the devaluation of money and in turn to financial wealth going down relative to real wealth, until the real (inflation-adjusted) value of financial assets returns to being low relative to tangible wealth. Then the cycle begins again.”
― Ray Dalio, Principles for Dealing with the Changing World Order: Why Nations Succeed or Fail

“All markets are primarily driven by just four determinants: growth, inflation, risk premiums, and discount rates.”
― Ray Dalio, Principles for Dealing with the Changing World Order: Why Nations Succeed or Fail