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ChrisV

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mon_fi

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Hey,

I have summarized Ray Dalio's 30 minutes video entitled "how the economic machine works". Find it below.

If you want to watch the entire video, you can do so here:
View: https://www.youtube.com/watch?v=PHe0bXAIuk0&t=1s



Introduction: the economy represents the total sum of all the transactions made. A transaction is made when one exchanges a good or a service against money. Transactions are made by a variety of actors: people, businesses, banks and the government. The government is the biggest spender and consists of two parts: the central bank, which controls the amount of money and the interest rate of debt, and the central government, which collects taxes and spends them.

Money can be drawn from two sources: income and credit. Income depends on one’s productivity. The higher one's productivity, the higher his income, the higher the credit that one will be able to receive because lenders want to make sure to be paid back. As such, the borrower must have an income that will let him repay, or must possess a collateral that will be sold to repay the debt, if needs be. If the collateral loses value or if the borrower's income decreases, the borrower becomes less credit worthy.

In the economy, it’s important to understand that one man’s spending is another man’s income. As we said, one increases spending in two ways. If one decides to increase his productivity, the economy as a whole becomes more productive because one earns more and can therefore spend more, which increases the income of someone etc since one man's earning is another man's income. So, the economy grows and that’s productivity, but it doesn’t matter much in the short-term because productivity doesn’t fluctuate much, so it doesn’t influence transactions as much as credit.

The short-term debt cycle: Credit allows a borrower to spend more now, with the promise to repay later. Similarly to productivity, credit allows one to spend more which allows another one to earn more, etc. From then on, the economy grows. When the amount of spending and income grow faster than the production of goods, prices rise and when prices rise, we call this inflation.

The central bank does not like inflation, so it increases interest rates. Debt becomes more expensive, so borrowers stop borrowing. Furthermore, comes a time when borrowers must repay their debts. When borrowers need to do so, they will have to decrease their spending. When one decreases his spending, one man’s income decreases as well, which drives the income of ultimately everyone down. When people spend less, prices go down, we call this deflation. Economic activity decreases and we have a recession. If the recession becomes too severe and inflation is no longer a problem, the central bank will lower interest rates to cause everything to pick up again. With low interest rates, debt repayments are reduced, and borrowing and spending pick up and we see another expansion. As you can see, spending is constrained only by the willingness of lenders and borrowers to provide and receive credit. When credit is easily available, there is an economic expansion. When credit isn’t easily available, there is a recession and note that this cycle is controlled primarily by the central bank. This cycle lasts five to eight years and happens over and over. Notice that at the end of each cycle, we finish with more growth, but also with more debt. Why? Because people push it. They have an inclination to borrow and spend more instead of paying back debt, it's human nature. Because of this, over long periods of time, debts rise faster than incomes, creating the long-term debt cycle.

The long-term debt cycle: Despite people becoming more indebted, lenders even more freely extend credit, why? Because people only take into account short-term data: rising incomes and asset values help borrowers remain credit worthy. Everyone is buying goods, services and financial assets with… borrowed money. When people do a lot of that, we call it a bubble. As long as incomes continue to rise, the debt burden stays manageable, at the same time, asset value soar. People borrow huge amounts of money to buy assets as investments causing their prices to rise even higher. But this obviously cannot continue forever, and it doesn’t. At some point, debt repayments start growing faster than incomes, forcing people to cut back on their spending. And since one person’s spending is another person’s income, incomes begin to go down. This makes people less credit worthy, causing borrowing to go down. Debt repayments continue to rise, which makes spending drop even further and the cycle reverses itself. Scrambling to fill this hole, borrowers are forced to sell assets. The rush to sell assets floods the market at the same time as spending falls, so the stock market collapses, the real estate market tanks and banks get into trouble. As asset prices drop, the value of the collateral borrowers can put up drops which makes borrowers even less credit worthy. People feel poor, credit rapidly disappears. Less spending, less income, less wealth, less credit, less borrowing, and so on, it’s called a deleveraging. In a deleveraging, people cut spending, incomes fall, credit disappears, asset prices drop, banks get squeezed, the stock market crashes, social tensions rise and the whole thing starts to feed on itself the other way.

This appears similar to a recession but the difference here is that interest rates can’t be lowered for two reasons: first, they are already low. Second, borrowers don’t want any more debt any way because the debt burden is too big and they won’t be able to repay. The lenders realize that stop lending. The economy has become not credit worthy.

So, what do you do about a deleveraging?

You must decrease the debt burden and there are four ways to do that:

  • People, businesses and governments cut their spending: usually done first, this refers to as austerity. While we might expect the debt burdens to decrease, the opposite happens. Since everyone stops spending, everyone stops earning, and income falls faster than debt repayment, which makes the debt/income ratio worse. When a borrower doesn’t repay the bank, people rush to the bank to withdraw money, banks gets squeezed and people, businesses and banks default on their debts. This severe economic contraction is a depression and a big part of a depression is people discovering much of what they’ve thought was their wealth isn’t really there. Debt burden must therefore be lightened, which leads to the second point.
  • Debts are reduced through defaults and restructuring: Many lenders don’t want their assets to disappear and agree to debt restructuring. Even though debt disappear, debt restructuring causes income and asset values to disappear faster, so the debt burden continues to get worse. All of this impacts the central government because lower incomes and less employment means the government collects fewer taxes, so it needs to increase spending to care for the unemployed, to conduct daily business and to create a stimulus plan. Governments budget deficits explode and need to find money somewhere else than just borrowing, which leads to the third point.
  • Wealth redistribution: since governments need more money, they increase taxes on the rich and redistribute the money to the less fortunate, which resent the rich for being rich, while the rich resent them for having to give them their money. Social disorder can break out, tensions can rise in and between countries. Since most of what people thought was money was actually credit, when credit disappears, people don’t have enough money and are desperate for it. Since the interest rate is already low, and no one wants to borrow money, we need to go to the last point.
  • The central bank prints new money: unlike cut in spending, debt reduction and wealth redistribution, printing money is inflationary and stimulative. Inevitably, the central bank prints new money out of thin air and uses it to buy financial assets and government bonds, which drives asset prices up and makes people (that own assets) more worthy of credit. With that money, governments can pay for social security and launch their stimulus plan. While this increases people’s income and lower the economy’s total debt burden, it increases the country’s debt. This is a very risky time.
Policy makers need to balance the four ways that debt burdens come down. The deflationary ways need to balance with the inflationary ways in order to maintain stability. If balanced correctly, there can be a beautiful deleveraging where debts decline relative to income, real economic growth is positive and inflation isn’t a problem. It is achieved by having the right balance which requires a certain mix of cut of these four methods. But will printing money not raise inflation? It won’t if it offsets falling credit. Remember, spending is what matters. A dollar of spending paid for with money has the same effect on price as a dollar spending paid for with credit. By printing money, the central bank can make up for the disappearance of credit with an increase in the amount of money. In order to turn things around, the central bank needs to not only pump up income growth but get the rate of income growth higher than the rate of interest on the accumulated debt (income needs to grow faster than debt grows). You need to print enough money to get the rate of income growth above the rate of interest. However, printing money could easily be abused because it’s so easy to do and people prefer it to the alternatives. The key is to avoid printing too much money and causing unacceptably high inflation. If policy makers achieve the right balance, a deleveraging isn’t so dramatic, growth is slow but debt burdens go down, that’s a beautiful deleveraging.

When incomes begin to rise, borrowers begin to appear more credit worthy, and when borrowers appear more credit worthy, lenders begin to lend money again. Debt burdens finally begin to fall, people can spend more and the economy begins to grow again, leading to the reflation phase of the long-term debt cycle. Deleveraging takes roughly a decade or more for debt burdens to fall and economic activity to get back to normal, hence the term “lost decade”.

So, in summary there are three rules of thumb. First, don’t have debt rise faster than income because your debt burdens will eventually crush you. Second, don’t have income rise faster than productivity because you’ll eventually become uncompetitive. And third, do all that you can to raise your productivity because in the long run, that’s what matters most.
 
Last edited:

sparechange

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Does anyone workout without a shirt (outdoors)?

I'm a bit chubby, could maybe drop about 30-50 pounds not exactly sure and have been running outside shirtless to kind of embarrass myself, I used to be somewhat insecure about myself so lately I've been forcing myself to showcase my fatness around people (especially around those lululemon ladies yee haw)

Some people give me a thumbs up and just earlier today got the stinkeye, rolled eyes mutter under the breath idiot that ignored my ''hello! and smile''

LOL thoughts?
 

Sethamus

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Does anyone workout without a shirt (outdoors)?

I'm a bit chubby, could maybe drop about 30-50 pounds not exactly sure and have been running outside shirtless to kind of embarrass myself, I used to be somewhat insecure about myself so lately I've been forcing myself to showcase my fatness around people (especially around those lululemon ladies yee haw)

Some people give me a thumbs up and just earlier today got the stinkeye, rolled eyes mutter under the breath idiot that ignored my ''hello! and smile''

LOL thoughts?
I say go for it.
 

Tommo

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Does anyone workout without a shirt (outdoors)?

I'm a bit chubby, could maybe drop about 30-50 pounds not exactly sure and have been running outside shirtless to kind of embarrass myself, I used to be somewhat insecure about myself so lately I've been forcing myself to showcase my fatness around people (especially around those lululemon ladies yee haw)

Some people give me a thumbs up and just earlier today got the stinkeye, rolled eyes mutter under the breath idiot that ignored my ''hello! and smile''

LOL thoughts?
Exercise is meant for the overweight and when I see people who could lose a bit weight I say to myself, good on them for doing something. Go for it. No shirt will definitely make you more incentivised so keep on keeping on.
 

Sethamus

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Exercise is meant for the overweight and when I see people who could lose a bit weight I say to myself, good on them for doing something. Go for it. No shirt will definitely make you more incentivised so keep on keeping on.
Exercise is meant for everyone. A "skinny fat" guy is the same as someone bigger. Both are out of shape and have little useful muscle to do stuff they would like to. 4 years with not working out made me lazier than I ever had been. Also, it sucks to get back in from scratch again, but I finally started early last year - New dad bod 2020 slowly progressing.
 

reedracer

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Does anyone workout without a shirt (outdoors)?

I'm a bit chubby, could maybe drop about 30-50 pounds not exactly sure and have been running outside shirtless to kind of embarrass myself, I used to be somewhat insecure about myself so lately I've been forcing myself to showcase my fatness around people (especially around those lululemon ladies yee haw)

Some people give me a thumbs up and just earlier today got the stinkeye, rolled eyes mutter under the breath idiot that ignored my ''hello! and smile''

LOL thoughts?
I might, but I probably need a manssierre. I buy shirts that fit even though I don't plan to stay this weight long. I did go down 100 lbs in 2016. Broke my hand and foot and gained 80 back.

Go for it. As long as we aren't seeing the plumber's vertical smile, I am cool with it
 

Tommo

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Exercise is meant for everyone. A "skinny fat" guy is the same as someone bigger. Both are out of shape and have little useful muscle to do stuff they would like to. 4 years with not working out made me lazier than I ever had been. Also, it sucks to get back in from scratch again, but I finally started early last year - New dad bod 2020 slowly progressing.
Exercise is meant for everyone. A "skinny fat" guy is the same as someone bigger. Both are out of shape and have little useful muscle to do stuff they would like to. 4 years with not working out made me lazier than I ever had been. Also, it sucks to get back in from scratch again, but I finally started early last year - New dad bod 2020 slowly progressing.
I agree, just meant for the OP, but you are correct, good luck @Sethamus
 

sparechange

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I might, but I probably need a manssierre. I buy shirts that fit even though I don't plan to stay this weight long. I did go down 100 lbs in 2016. Broke my hand and foot and gained 80 back.

Go for it. As long as we aren't seeing the plumber's vertical smile, I am cool with it
holy crap! 80 pounds!!? how long were you out of commission
 
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MJ DeMarco

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reedracer

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holy crap! 80 pounds!!? how long were you out of commission
Once you've had it does not take much to gain it all back. It was 18 months before I could run again, then inertia. Getting there tho.
 

Kevin88660

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Hey,

I have summarized Ray Dalio's 30 minutes video entitled "how the economic machine works". Find it below.

If you want to watch the entire video, you can do so here:
View: https://www.youtube.com/watch?v=PHe0bXAIuk0&t=1s



Introduction: the economy represents the total sum of all the transactions made. A transaction is made when one exchanges a good or a service against money. Transactions are made by a variety of actors: people, businesses, banks and the government. The government is the biggest spender and consists of two parts: the central bank, which controls the amount of money and the interest rate of debt, and the central government, which collects taxes and spends them.

Money can be drawn from two sources: income and credit. Income depends on one’s productivity. The higher one's productivity, the higher his income, the higher the credit that one will be able to receive because lenders want to make sure to be paid back. As such, the borrower must have an income that will let him repay, or must possess a collateral that will be sold to repay the debt, if needs be. If the collateral loses value or if the borrower's income decreases, the borrower becomes less credit worthy.

In the economy, it’s important to understand that one man’s spending is another man’s income. As we said, one increases spending in two ways. If one decides to increase his productivity, the economy as a whole becomes more productive because one earns more and can therefore spend more, which increases the income of someone etc since one man's earning is another man's income. So, the economy grows and that’s productivity, but it doesn’t matter much in the short-term because productivity doesn’t fluctuate much, so it doesn’t influence transactions as much as credit.

The short-term debt cycle: Credit allows a borrower to spend more now, with the promise to repay later. Similarly to productivity, credit allows one to spend more which allows another one to earn more, etc. From then on, the economy grows. When the amount of spending and income grow faster than the production of goods, prices rise and when prices rise, we call this inflation.

The central bank does not like inflation, so it increases interest rates. Debt becomes more expensive, so borrowers stop borrowing. Furthermore, comes a time when borrowers must repay their debts. When borrowers need to do so, they will have to decrease their spending. When one decreases his spending, one man’s income decreases as well, which drives the income of ultimately everyone down. When people spend less, prices go down, we call this deflation. Economic activity decreases and we have a recession. If the recession becomes too severe and inflation is no longer a problem, the central bank will lower interest rates to cause everything to pick up again. With low interest rates, debt repayments are reduced, and borrowing and spending pick up and we see another expansion. As you can see, spending is constrained only by the willingness of lenders and borrowers to provide and receive credit. When credit is easily available, there is an economic expansion. When credit isn’t easily available, there is a recession and note that this cycle is controlled primarily by the central bank. This cycle lasts five to eight years and happens over and over. Notice that at the end of each cycle, we finish with more growth, but also with more debt. Why? Because people push it. They have an inclination to borrow and spend more instead of paying back debt, it's human nature. Because of this, over long periods of time, debts rise faster than incomes, creating the long-term debt cycle.

The long-term debt cycle: Despite people becoming more indebted, lenders even more freely extend credit, why? Because people only take into account short-term data: rising incomes and asset values help borrowers remain credit worthy. Everyone is buying goods, services and financial assets with… borrowed money. When people do a lot of that, we call it a bubble. As long as incomes continue to rise, the debt burden stays manageable, at the same time, asset value soar. People borrow huge amounts of money to buy assets as investments causing their prices to rise even higher. But this obviously cannot continue forever, and it doesn’t. At some point, debt repayments start growing faster than incomes, forcing people to cut back on their spending. And since one person’s spending is another person’s income, incomes begin to go down. This makes people less credit worthy, causing borrowing to go down. Debt repayments continue to rise, which makes spending drop even further and the cycle reverses itself. Scrambling to fill this hole, borrowers are forced to sell assets. The rush to sell assets floods the market at the same time as spending falls, so the stock market collapses, the real estate market tanks and banks get into trouble. As asset prices drop, the value of the collateral borrowers can put up drops which makes borrowers even less credit worthy. People feel poor, credit rapidly disappears. Less spending, less income, less wealth, less credit, less borrowing, and so on, it’s called a deleveraging. In a deleveraging, people cut spending, incomes fall, credit disappears, asset prices drop, banks get squeezed, the stock market crashes, social tensions rise and the whole thing starts to feed on itself the other way.

This appears similar to a recession but the difference here is that interest rates can’t be lowered for two reasons: first, they are already low. Second, borrowers don’t want any more debt any way because the debt burden is too big and they won’t be able to repay. The lenders realize that stop lending. The economy has become not credit worthy.

So, what do you do about a deleveraging?

You must decrease the debt burden and there are four ways to do that:

  • People, businesses and governments cut their spending: usually done first, this refers to as austerity. While we might expect the debt burdens to decrease, the opposite happens. Since everyone stops spending, everyone stops earning, and income falls faster than debt repayment, which makes the debt/income ratio worse. When a borrower doesn’t repay the bank, people rush to the bank to withdraw money, banks gets squeezed and people, businesses and banks default on their debts. This severe economic contraction is a depression and a big part of a depression is people discovering much of what they’ve thought was their wealth isn’t really there. Debt burden must therefore be lightened, which leads to the second point.
  • Debts are reduced through defaults and restructuring: Many lenders don’t want their assets to disappear and agree to debt restructuring. Even though debt disappear, debt restructuring causes income and asset values to disappear faster, so the debt burden continues to get worse. All of this impacts the central government because lower incomes and less employment means the government collects fewer taxes, so it needs to increase spending to care for the unemployed, to conduct daily business and to create a stimulus plan. Governments budget deficits explode and need to find money somewhere else than just borrowing, which leads to the third point.
  • Wealth redistribution: since governments need more money, they increase taxes on the rich and redistribute the money to the less fortunate, which resent the rich for being rich, while the rich resent them for having to give them their money. Social disorder can break out, tensions can rise in and between countries. Since most of what people thought was money was actually credit, when credit disappears, people don’t have enough money and are desperate for it. Since the interest rate is already low, and no one wants to borrow money, we need to go to the last point.
  • The central bank prints new money: unlike cut in spending, debt reduction and wealth redistribution, printing money is inflationary and stimulative. Inevitably, the central bank prints new money out of thin air and uses it to buy financial assets and government bonds, which drives asset prices up and makes people (that own assets) more worthy of credit. With that money, governments can pay for social security and launch their stimulus plan. While this increases people’s income and lower the economy’s total debt burden, it increases the country’s debt. This is a very risky time.
Policy makers need to balance the four ways that debt burdens come down. The deflationary ways need to balance with the inflationary ways in order to maintain stability. If balanced correctly, there can be a beautiful deleveraging where debts decline relative to income, real economic growth is positive and inflation isn’t a problem. It is achieved by having the right balance which requires a certain mix of cut of these four methods. But will printing money not raise inflation? It won’t if it offsets falling credit. Remember, spending is what matters. A dollar of spending paid for with money has the same effect on price as a dollar spending paid for with credit. By printing money, the central bank can make up for the disappearance of credit with an increase in the amount of money. In order to turn things around, the central bank needs to not only pump up income growth but get the rate of income growth higher than the rate of interest on the accumulated debt (income needs to grow faster than debt grows). You need to print enough money to get the rate of income growth above the rate of interest. However, printing money could easily be abused because it’s so easy to do and people prefer it to the alternatives. The key is to avoid printing too much money and causing unacceptably high inflation. If policy makers achieve the right balance, a deleveraging isn’t so dramatic, growth is slow but debt burdens go down, that’s a beautiful deleveraging.

When incomes begin to rise, borrowers begin to appear more credit worthy, and when borrowers appear more credit worthy, lenders begin to lend money again. Debt burdens finally begin to fall, people can spend more and the economy begins to grow again, leading to the reflation phase of the long-term debt cycle. Deleveraging takes roughly a decade or more for debt burdens to fall and economic activity to get back to normal, hence the term “lost decade”.

So, in summary there are three rules of thumb. First, don’t have debt rise faster than income because your debt burdens will eventually crush you. Second, don’t have income rise faster than productivity because you’ll eventually become uncompetitive. And third, do all that you can to raise your productivity because in the long run, that’s what matters most.
I have studied about bridgewater before Ray Dalio became popular outside the Investment industry.

let me try and help you do a more simplified summary.

Three things to be discussed: productivity, credit and debt.

Eventually economic growth is about productivity gain, but credit and debt create short time cycle and long term cycles respectively...thats why we never have linear uniform incremental growth.

And we human have a behavior bias. We tend to project the past experience into the future. This caused the cycles. I will explain in details.

When economy is moving in slowly, central bank expands credit by lowers interest rate, borrowing becomes easier. Consumer can spend more. Business can expand easily. Price is increasing. People feel confident and optimistic about the future. But..this easy credit cannot last forever or inflation will kick in. But there is a mismatch between the optimism of the participants and the reality that credit expansion cant go on forever. So when central bank tightens and limits credit, demand fell, there is too much services and goods available for the demand. Recession kicks in until the spare capacity gets digested slowly. Prices fell for sometimes. Market is about to recover, the risk reward picture changes for the central banks and the central bank expands credit to accelerate the recovery...the cycle contributes. This explains why we have a recession after a few good years.

Debt is more about wealth and frugality of a nation. The first generation work hard. They are poor and they think they are poor.

The second generation/or the aged first gen become wealthy. But they still have memories of being poor. They hoard their wealth and do not spend a lot.

The third generation is born rich. They never experienced poverty. They spend like rich people and they are rich.

The fourth generation is the delusional ones. They are already poor but they spend like rich people. This is where debt accumulates and debt crisis might come. Ray Dalio is concerned with high debt level in U.S. and Europe.

Ray Dalio talks about how to solves the debt crisis. It is like detonating a bomb you have to do it carefully.

If the debtor can print the currency they have the ability to inflate it. But Ray Dalio say you cannot abuse it or we will lead to wermar republic kind of situation.

You cannot expect the debtors to pay back everything and thats too unrealistic and will cause too much pain in the economy. Debt slaves cannot consume or borrow money and do business.

The best case is diffuse the burden of debt on multiple levels.
1) Inflate it away partially (Fed printing press)
2) Creditors take a partial haircut (Sorry to Bond owners)
3) Wealth transfer to help the indebted (tax the rich!)
4) And the remaining will be paid by the debtors.

That’s what he means by “beautiful deleveraging”.
 

mon_fi

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I have studied about bridgewater before Ray Dalio became popular outside the Investment industry.

let me try and help you do a more simplified summary.

Three things to be discussed: productivity, credit and debt.

Eventually economic growth is about productivity gain, but credit and debt create short time cycle and long term cycles respectively...thats why we never have linear uniform incremental growth.

And we human have a behavior bias. We tend to project the past experience into the future. This caused the cycles. I will explain in details.

When economy is moving in slowly, central bank expands credit by lowers interest rate, borrowing becomes easier. Consumer can spend more. Business can expand easily. Price is increasing. People feel confident and optimistic about the future. But..this easy credit cannot last forever or inflation will kick in. But there is a mismatch between the optimism of the participants and the reality that credit expansion cant go on forever. So when central bank tightens and limits credit, demand fell, there is too much services and goods available for the demand. Recession kicks in until the spare capacity gets digested slowly. Prices fell for sometimes. Market is about to recover, the risk reward picture changes for the central banks and the central bank expands credit to accelerate the recovery...the cycle contributes. This explains why we have a recession after a few good years.

Debt is more about wealth and frugality of a nation. The first generation work hard. They are poor and they think they are poor.

The second generation/or the aged first gen become wealthy. But they still have memories of being poor. They hoard their wealth and do not spend a lot.

The third generation is born rich. They never experienced poverty. They spend like rich people and they are rich.

The fourth generation is the delusional ones. They are already poor but they spend like rich people. This is where debt accumulates and debt crisis might come. Ray Dalio is concerned with high debt level in U.S. and Europe.

Ray Dalio talks about how to solves the debt crisis. It is like detonating a bomb you have to do it carefully.

If the debtor can print the currency they have the ability to inflate it. But Ray Dalio say you cannot abuse it or we will lead to wermar republic kind of situation.

You cannot expect the debtors to pay back everything and thats too unrealistic and will cause too much pain in the economy. Debt slaves cannot consume or borrow money and do business.

The best case is diffuse the burden of debt on multiple levels.
1) Inflate it away partially (Fed printing press)
2) Creditors take a partial haircut (Sorry to Bond owners)
3) Wealth transfer to help the indebted (tax the rich!)
4) And the remaining will be paid by the debtors.

That’s what he means by “beautiful deleveraging”.

Cheers, I particularly enjoyed the generation explanation, i did not know that!
 
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MJ DeMarco

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Kid

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The whole "Spend corona lockdown time for something productive" is kind of event mentality.
People are motivated because they "finally" have some free time.
What will they do when the lockdown will be over?

In Lockdown you should do nothing,for two reason.
One - if you try to gain something from this event, you become more event driven.
Two - if whole situation is stressful to you, you should just rest. Start your routines fresh (whether entrepreneurial or ,hopefully not, scripted) , when its all over.

The perfect route would be to do what you ware already doing before the crisis but that applies to those who ware doing something.
 
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reedracer

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Was just let go of my sales position. First time ever. Stings.
Found out yesterday my role is being shifted to Mexico for a 'significant' savings 'requested by the customer.' Not exactly laid off but not quite benched, either. The site manager that told me is famous for jumping to wrong conclusions and yelling fire when he sees s moldering cigarette butt. I'll believe it when I see something from my stateside management. Meanwhile, I'm rocking my training I bought pre-fastlane and applying Fastlane ideas. There is also a posting internally at my company for another client I'm qualified for, but I am in no rush to start a new role at this moment. Might be time for my Insider Progress thread.
Meanwhile, let's all do the #COVID19BUZZCUTCHALLENGE lol
View: https://www.facebook.com/watch/?v=553908125260982
 

Zcott

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9 hours working on my company today. I've done a lot but feels like I've also done nothing.

Feel so good to be working on something again though. I've not been able to do anything for ages (I've moved house six times and country twice in the last 16 months lol), finally settled now for the first time in years and can start making real progress. A company which I am part involved with started recently and has an order of £1800, and I've learnt a skill which can allow me to spin off in to something else as well.
 

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Zcott

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Spent 11 hours working today on my future. Really excited about where we're going to go.

But... Is it normal to acknowledge you're moving forward but simultaneously feel like you've achieved nothing after such a long day?

Felt like I've gone round in circles at times trying to get/find/fix/create something. I get what I want eventually but I am left with a mixed feeling. A feeling happiness/relief at not settling for second best and overcoming a challenge and getting what I want, but also a feeling of looking back and thinking I just wasted x amount of time on something and it shouldn't have taken that long.

Overall I know I got a lot done and it ended in getting what I wanted. Maybe the things I did do take that long and I'm being harsh on myself. I don't know. I'm just tired and needed a space to write my thoughts out in a place where others may understand.

Edit: Just to add, I later thought this may have sounded like I was moaning, but that was not the intent. I'm not complaining about anything. I'm enjoying the challenge and already had some success pre-corona.
 
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sparechange

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Spent 11 hours working today on my future. Really excited about where we're going to go.

But... Is it normal to acknowledge you're moving forward but simultaneously feel like you've achieved nothing after such a long day?

Felt like I've gone round in circles at times trying to get/find/fix/create something. I get what I want eventually but I am left with a mixed feeling. A feeling happiness/relief at not settling for second best and overcoming a challenge and getting what I want, but also a feeling of looking back and thinking I just wasted x amount of time on something and it shouldn't have taken that long.

Overall I know I got a lot done and it ended in getting what I wanted. Maybe the things I did do take that long and I'm being harsh on myself. I don't know. I'm just tired and needed a space to write my thoughts out in a place where others may understand.
Depends on what you are doing, can you somehow get results from your work?

I.E you made an advertisement and produced X amount of sales extra
 

Zcott

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Depends on what you are doing, can you somehow get results from your work?

I.E you made an advertisement and produced X amount of sales extra
It'll definitely get results. It was building a website for my company which was operating without a website, so it'll help push our branding and how we have positioned ourselves in the industry we're in. I made it in a way that (I hope) will draw people through our funnel. I knew HTML and CSS but before April I never put it in to practice with an actual site. A lot of time was spent encountering new things, technical aspects, SEO, hosting, etc, which I never would have thought of before.

I think where I'm new to building sites I was harshly judging myself for not being faster, comparing myself a novice to a master like Fox for example, and maybe I did set the bar too high for myself on something I'm new at... But at the same time I don't like saying I was harsh on myself because I need to keep pushing.
 

sparechange

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It'll definitely get results. It was building a website for my company which was operating without a website, so it'll help push our branding and how we have positioned ourselves in the industry we're in. I made it in a way that (I hope) will draw people through our funnel. I knew HTML and CSS but before April I never put it in to practice with an actual site. A lot of time was spent encountering new things, technical aspects, SEO, hosting, etc, which I never would have thought of before.

I think where I'm new to building sites I was harshly judging myself for not being faster, comparing myself a novice to a master like Fox for example, and maybe I did set the bar too high for myself on something I'm new at... But at the same time I don't like saying I was harsh on myself because I need to keep pushing.
Ok, so now you can go further down the rabbit hole and figure out how to drive traffic, look at the numbers and study the growth per day, week and so on.
 

Zcott

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Ok, so now you can go further down the rabbit hole and figure out how to drive traffic, look at the numbers and study the growth per day, week and so on.
That's exactly the plan.

SEO and social media marketing starts on Monday. It's not much but it's something during lockdown. The foot doesn't come off the pedal. We're keeping in contact with businesses we've spoken to and we're having light interactions with new ones too (going hard and aggressive right now is the opposite of our brand and the problem we're solving). I don't think we will do any business until things are normal again but lockdown is an opportunity for us to show people and businesses what we can do for them.
 

AgainstAllOdds

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How the F*ck do people only have "a couple months worth of savings"? Or brag about "I have 6 months saved up!"

How is this the standard mentality?

In my eyes, this mentality is insanely retarded. It leads towards nothing but voluntary slavery the rest of your life. The only acceptable goal is to have "a lifetime of savings". You want to exit the rat race as fast as possible.

And I'm not saying it has to be liquid. But what you've acquired over your lifetime should be enough to give you options when you need or want them. If it's not then you've f*cked up.
 

Timmy C

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When people you know see you starting to get traction in business and separating your time from income after struggling for years (still a struggle).

Then want the F*cking secret to find out how your doing it and want to meet for a coffee so you can tell them exactly how to do it and hold their hand every step of the way.

Exact steps kind of shit, like i know all the F*cking answers? seriously?
 
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MJ DeMarco

MJ DeMarco

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How the F*ck do people only have "a couple months worth of savings"? Or brag about "I have 6 months saved up!"

How is this the standard mentality?

In my eyes, this mentality is insanely retarded. It leads towards nothing but voluntary slavery the rest of your life. The only acceptable goal is to have "a lifetime of savings". You want to exit the rat race as fast as possible.

And I'm not saying it has to be liquid. But what you've acquired over your lifetime should be enough to give you options when you need or want them. If it's not then you've f*cked up.
Well it's a good start because most Americans don't have 2 weeks of savings, much better 6 months.

But yea, the goal of all my books is just as you say: To be minimally impacted during economic downturns -- true financial freedom, not financial freedom predicated on 4% withdrawals and 10% Wall Street returns.

Financially speaking, the crisis hasn't affected me much at all. In fact, I'm probably in a better financial position today, one month after economic collapse and stagnation, than I was last year. Economic collapses are good for my central thesis, they are the ultimate red-pill on the BS people willingly accept as normal.
 

Timmy C

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Well it's a good start because most Americans don't have 2 weeks of savings, much better 6 months.

But yea, the goal of all my books is just as you say: To be minimally impacted during economic downturns -- true financial freedom, not financial freedom predicated on 4% withdrawals and 10% Wall Street returns.

Financially speaking, the crisis hasn't affected me much at all. In fact, I'm probably in a better financial position today, one month after economic collapse and stagnation, than I was last year. Economic collapses are good for my central thesis, they are the ultimate red-pill on the BS people willingly accept as normal.

You and this forum has changed my life mate honestly.

I am doing things i never thought i could do.

For that i will always be grateful!
 

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