Principles for Navigating Big Debt Crises

Bridgewater founder Ray Dalio explains the template he uses to understand debt crises, developed over decades of investing through them. The book has three parts. The first lays out the archetypal big debt cycle, from deflationary depressions to inflationary currency crises. The second examines three cases in detail: the 2008 financial crisis, Germany's Weimar hyperinflation and the US Great Depression. The third compiles 48 historical cases, giving policymakers and investors a framework for s…