A Legendary Investor on How to Prevent America’s Coming ‘Heart Attack’

A stalemated war. Fractured alliances. A rival waiting in the wings. It feels to me that we’re having an “end of the American empire” moment. My guest this week, Ray Dalio, is an unlikely prophet of doom — the billionaire Bridgewater investor conquered Wall Street by studying history and mastering global trends. He foresaw the 2008 financial crisis,and these days he’s warning that the U.S. is repeating the patterns that ended great empires of the past.

• 0:00 - Intro
• 01:24 - The rise and fall of empires through big cycles
• 08:35 - Geopolitical tensions: China, Iran and the Suez Canal
• 14:27 - Fiat currency or gold?
• 24:19 - America’s coming ‘heart attack’
• 30:37 - Acts of nature, A.I. and technology
• 43:37 - ‘Could we have a Japanese future?’

(A full transcript of this episode is available on the Times website.)

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