Agreed. Basically everyone other than J-Cal is great. lol Ironically though J-cal does know how to keep a conversation going well. Though Friedberg did do very well today.
Agree that was a great interview. Sometimes Ray explains things very vaguely but the explanations and direct questions by Friedberg really helped create a better understanding of what Ray has been talking about for a while.
When and where was the ALL IN event in Los Angeles with John Mearsheimer and Jeffrey Sachs? Will there be another event next year or sooner? How much were the tickets?
Friedburg, thank you for continuing the conversation regarding the deficit. It is an issue and it needs to be addressed. Thank you Ray for your time and insight.
Ray Dalio is a simple and straight forward educator. He dodges politics and clearly explains the situation. This is a rare and excellent interview. It should be a must-watch.
Sacks is the best. Freidberg is way off on climate change and many other industry captured globalist influenced “science”. Chamath is the 2nd most sensible
I stopped listening to the All-In a few months ago. In my opinion, the views on this pod have become overwhelmingly populist on the right and often jump to conclusions without proper perspective to explain the other side. For the record, I am someone who appreciates listening to ideas that do not align to mine but i prefer the discussion to be unbiased. I could not resist this interview when i saw it come through in my feed. I have significant respect for Ray Dalio. I think this interview alone better explains what causes inflation than the political rhetoric I often hear on this show and others. This interview is exactly why I started listening to the All-In a few years ago. Well done Mr. Friedberg. I really enjoyed listening to Ray and allowing him to express an unbiased view without pushing a particular agenda. Hopefully the show can get its mojo back. TY
This is a great interview by Friedberg! Great job. I learned a lot from the this interview. The past 5-6 weeks episodes have not been good. I am glad Friedberg did this interview to get the podcast back on track.
Ray Dalio gives the best advice, like a top heart doctor, but the patient just won’t quit smoking and eating junk food. Thank you, David Friedberg, for a great interview.
This is actually great with just Friedberg because it allows us to get deeper thoughts out of both of them because there’s not multiple people vying for talk time.
00:00:55 - The US has $36.4 trillion of federal government debt and GDP of $29.1 trillion, giving a debt to GDP ratio of 125%. This ratio has climbed steadily since the pandemic began in 2020 when the federal government debt was $20 trillion and GDP was just $21 trillion. 00:01:16 - Since the pandemic, federal government debt has risen by 80% while GDP has climbed 38%. 00:01:28 - The Federal Reserve, which is the US Central Bank, raised interest rates, driving up the cost of borrowing. 00:01:50 - The US government's now running a nearly $2 trillion annual deficit, nearly 7% of GDP, while paying over a trillion dollars per year in interest alone on just the existing outstanding debt. 00:02:04 - The Congressional Budget Office projected last week annual budget deficits are expected to be equal to 6.1% of GDP through 2035, which is significantly more than the 3.8% that deficits have averaged over the past 50 years. 00:02:25 - The national debt is slated to rise by nearly $24 trillion over the next decade, a sum that does not even include the millions of dollars in additional tax cuts that the current Administration may put into place. 00:06:26 - The big debt cycles typically last about 80 years. They're more easily forgotten than the short-term debt cycles, which last about six years on average, plus or minus three years. 00:07:21 - Credit is like blood that brings nutrients to all of the parts of the body and it passes through a system that is like arteries. 00:09:08 - When you get to the point where there's debt risks, there's not only the new supply that has to be offered, but there is the possibility of holders of those debt assets selling those debt assets. 00:09:48 - The government can print money, so when that debt service burden rises or there's a big supply-demand imbalance, if the government, most importantly the central bank, doesn't print money to buy it, then there has to be a rise in the price of the debt to constrict borrowing. 00:13:05 - Citizens are going to lose assets and income, so there's a loss to the citizens when this happens. 00:16:16 - You can't get richer by making money. The purpose of money is purchasing power, which is what matters at the end of the day. 00:16:54 - The bonds become a bad deal. You need that, like any marketplace, you need purchasers and sellers to be able to have an efficient negotiation to achieve a balance without the government coming in and printing a lot of money and making a big mess. 00:17:59 - The big debt cycle follows five stages: the sound money stage, the debt bubble stage, the top stage, the deleveraging stage, and finally, the big debt crisis recedes and we start over again. 00:19:43 - The key spot is when the debt service becomes large, and then the real red flag is when there's the selling of the debt beyond the new supply. 00:23:49 - Gold is the third largest reserve currency, by the way: dollars, euros, gold, and then yen. 00:25:17 - The US is running a deficit of 7% of GDP, which is the highest among major industrialized markets. 00:27:00 - The United States and countries like China, you see that particular dynamic. China, Japan, they're all educational, and that means that the bonds, the debt, are bad assets. 00:35:00 - The tech war for the AI war is actually more important. It's a war that no country can lose because it's more important than profits. 00:38:49 - Diversification is very, very important because everybody's leverage long. You have to pay at least as much attention to correlation. 00:46:32 - Cutting spending or austerity leads to a loss of services provided by the government to the citizens. 00:46:38 - A central bank buying the debt will typically increase inflation because more money will come to the markets and everything costs more. 00:47:29 - The solution is you must cut the deficit, which is the equivalent of bonds selling down to 3% of GDP. 00:51:50 - If the federal government were to cut spending significantly and quickly, the market would naturally react to lower rates. 00:52:59 - The longer we wait, the more you have to cut in the future to get out of the hole. 00:53:12 - The faster you cut, the less you have to cut. 00:55:58 - We're at a civil war internally and we're at an international war simultaneously. 00:58:34 - I think we're going to see fragmentation of states from the central government. 01:00:04 - If AI is successful and moves quickly, there will be significant job loss. Made with firelog.io
Thanks to you, I now have realistic expectations for this bull run. I entered crypto earlier last year, and your insights on cycles and market connections have been invaluable. I now understand how global markets impact crypto, so I'm watching traditional market tops closely. Without your guidance, I’d probably be holding blindly instead of actively managing my positions. Growing my portfolio from 69k to 451k in a few months has been incredible. Special thanks to Frank Halper for her expertise, which has been essential in navigating this complex landscape.
As a traditional stock trader, seeing someone integrate global markets with crypto so seamlessly is impressive. Frank’s signals have been 10/10 so far.
This is the best testimonial for active management I’ve seen. I usually just HODL, but Frank’s strategies opened my eyes to potential short-term gains. Thanks for sharing!
Welcome to All-In, the World's No. 1 Podcast, with me, the greatest moderator in the world - David Friedberg. That's more like it. Fix the intro on the main pod, will you?:)
The part where Friedberg explained Trump's decision to coerce the Fed to decrease interest rates while he's simultaneously taking steps to cut government funding was a lightbulb moment for me. Thank you to Ray and David for explaining these topics so that they're easier to understand, and thanks to Elon for making sure DOGE actually achieves this goal!
It feels like Ray just speaks in rhetorical pessemistic circles. He just leaves us with an intangible sense of what is going to happen. Like when people go see a preacher in a stadium.
You both have the power to come up with solutions to fix this problems. I hope you both use your voice and earned positions to make a difference for all of us
Ray Dalio discusses the US debt crisis, long-term economic cycles, and potential solutions. He emphasizes the need for immediate action to reduce the deficit, warns of increasing social and international conflicts, and explores how to preserve wealth during economic turmoil.
During the opening segment, "the current US fiscal situation," I started to giggle which then developed into full-scale uncontrollable laughter, complete with head shaking, as it was both humorous and frightening.
Great conversations and great minds. I just wish or hope more people would agree the debt problem is the real problem of the country and cut spending deep and fast !
This interview highlights how important this podcast is for America. If we can have just one more person exposed to these issues, we would be in a better place for voting and taking actions correctly.
fuckin' Friedberg man...gained a lot of respect for you on this one. You seem to be the only one on the pod crawling out of the ivory tower to think about the future of us plebs. Thank you.
I'm a simple man. I see All In, I click.
Facts
😂😂
Simple is best.
*Correction: I see Friedberg, I click.
Same ha ha😅
Friedberg is the hidden gem of the All in pod
Agreed. Basically everyone other than J-Cal is great. lol Ironically though J-cal does know how to keep a conversation going well. Though Friedberg did do very well today.
@chhayak8362 the best, but unavailable
How is he ‘hidden’?
Not hidden at all. Hes my favorite.
Not hidden lol. Since Sacks left he's the best one
I would pay extra for a weekly Friedberg solo pod
I will 10x my subscription fee
Fascinating take. I see 73 likes. Is that solo probable? Would free him from JC but add production demand. Following.
The others are borderline insufferable. Friedberg is awesome.
Omg me too
He's so smart and articulate!
Friedberg alone with Ray Dalio is just mainlining intelligent, pragmatic, discussion.
💯
why you gotta shit on jason like that 😆
Agree that was a great interview. Sometimes Ray explains things very vaguely but the explanations and direct questions by Friedberg really helped create a better understanding of what Ray has been talking about for a while.
They will say anything for more than an hour but raise taxes on the wealthy.
😮
Ř 46:58 @@brunoaziza
This is refreshing from All in, more info, less chatter. David 👏
When and where was the ALL IN event in Los Angeles with John Mearsheimer and Jeffrey Sachs? Will there be another event next year or sooner? How much were the tickets?
Friedberg may be THE world greatest moderator
I’m glad you did this David. Thank you!
You’re welcome man
Well well well…. We meet again.
This is the best, most substantive ray dalio interview I’ve seen. Well done Ray and David
I am so glad Ray Dalio’s interview is done by Friedberg. Any other bestie wouldn’t have been as good of a fit.
Friedburg, thank you for continuing the conversation regarding the deficit. It is an issue and it needs to be addressed. Thank you Ray for your time and insight.
You’re welcome
-Ray
Freidberg has been growing on me like the genetically engineered potatoes
lol
Ray Dalio is a simple and straight forward educator. He dodges politics and clearly explains the situation.
This is a rare and excellent interview. It should be a must-watch.
Friedberg is the only one worth listening to anymore. Love this
Correct 💯
Sacks is the best. Freidberg is way off on climate change and many other industry captured globalist influenced “science”. Chamath is the 2nd most sensible
100%
strongly agree
Sacks
This is the first all in pod I have watched in months. Thank you for an honest educational conversation if I wanted fox/cnn I’d turn it on.
Well said
friedberg alone is 100x better holy cow
I stopped listening to the All-In a few months ago. In my opinion, the views on this pod have become overwhelmingly populist on the right and often jump to conclusions without proper perspective to explain the other side. For the record, I am someone who appreciates listening to ideas that do not align to mine but i prefer the discussion to be unbiased.
I could not resist this interview when i saw it come through in my feed. I have significant respect for Ray Dalio. I think this interview alone better explains what causes inflation than the political rhetoric I often hear on this show and others. This interview is exactly why I started listening to the All-In a few years ago. Well done Mr. Friedberg. I really enjoyed listening to Ray and allowing him to express an unbiased view without pushing a particular agenda. Hopefully the show can get its mojo back. TY
Sounds like you dont want unbiased discussion, just biased your direction.
Friedberg,I love you man. Keep hammering this!
Finally, an all in episode without idiots on the call
If only we could all be as intelligent as you! 😉
This episode nails it, why I listen this podcast. Some topics have been snoozy lately. No need to call anyone idiots, though.
Chamathttjththt is the biggest
Totally agreed.
Zing
It is so good to see friedberg without being interrupted by jcal and chamath
This is a great interview by Friedberg! Great job. I learned a lot from the this interview. The past 5-6 weeks episodes have not been good. I am glad Friedberg did this interview to get the podcast back on track.
No Sacks no Party
Many thanks to Ray for writing his book and David for his interview of Ray. Keep up the fight.
This is absolutely legendary. Friedberg and Dalio.
Really great pod. Maybe my favourite ever!
Ray Dalio gives the best advice, like a top heart doctor, but the patient just won’t quit smoking and eating junk food. Thank you, David Friedberg, for a great interview.
There is a deep demand for this level of quality in your content. Friedberg and maybe sacks can deliver on this
Thanks Friedberg for setting this up.
Thank God you had Ray by yourself with out the others interrupting. God bless them but sometimes the adults need to talk.
This is actually great with just Friedberg because it allows us to get deeper thoughts out of both of them because there’s not multiple people vying for talk time.
This episode will go down in history as either the spark of a movement or the missed warning sign.
government cuts will require lost GDP points. I don't see Trump letting that happen
Favorite Host and Guest
When Friedberg speaks it makes sense to me
You guys gotta do more of this! This is great!
Finally - a guest worth listening to!!
Great discussion Friedberg. Love to see more of such interviews from you.
Honey, All-In is on Tuesday. I’m gonna watch this before I go to work ❤
Friedman at his best! No bs, just great content
I see ray I click
We need more Friedberg + Dalio! This was amazing. I think I watched everything from Dalio out there, this was among the best!
This is what the pod should be...
Everytime Ray speaks. The knowledge is out. This is an amazing interview. Salute to All-in and DF!
00:00:55 - The US has $36.4 trillion of federal government debt and GDP of $29.1 trillion, giving a debt to GDP ratio of 125%. This ratio has climbed steadily since the pandemic began in 2020 when the federal government debt was $20 trillion and GDP was just $21 trillion.
00:01:16 - Since the pandemic, federal government debt has risen by 80% while GDP has climbed 38%.
00:01:28 - The Federal Reserve, which is the US Central Bank, raised interest rates, driving up the cost of borrowing.
00:01:50 - The US government's now running a nearly $2 trillion annual deficit, nearly 7% of GDP, while paying over a trillion dollars per year in interest alone on just the existing outstanding debt.
00:02:04 - The Congressional Budget Office projected last week annual budget deficits are expected to be equal to 6.1% of GDP through 2035, which is significantly more than the 3.8% that deficits have averaged over the past 50 years.
00:02:25 - The national debt is slated to rise by nearly $24 trillion over the next decade, a sum that does not even include the millions of dollars in additional tax cuts that the current Administration may put into place.
00:06:26 - The big debt cycles typically last about 80 years. They're more easily forgotten than the short-term debt cycles, which last about six years on average, plus or minus three years.
00:07:21 - Credit is like blood that brings nutrients to all of the parts of the body and it passes through a system that is like arteries.
00:09:08 - When you get to the point where there's debt risks, there's not only the new supply that has to be offered, but there is the possibility of holders of those debt assets selling those debt assets.
00:09:48 - The government can print money, so when that debt service burden rises or there's a big supply-demand imbalance, if the government, most importantly the central bank, doesn't print money to buy it, then there has to be a rise in the price of the debt to constrict borrowing.
00:13:05 - Citizens are going to lose assets and income, so there's a loss to the citizens when this happens.
00:16:16 - You can't get richer by making money. The purpose of money is purchasing power, which is what matters at the end of the day.
00:16:54 - The bonds become a bad deal. You need that, like any marketplace, you need purchasers and sellers to be able to have an efficient negotiation to achieve a balance without the government coming in and printing a lot of money and making a big mess.
00:17:59 - The big debt cycle follows five stages: the sound money stage, the debt bubble stage, the top stage, the deleveraging stage, and finally, the big debt crisis recedes and we start over again.
00:19:43 - The key spot is when the debt service becomes large, and then the real red flag is when there's the selling of the debt beyond the new supply.
00:23:49 - Gold is the third largest reserve currency, by the way: dollars, euros, gold, and then yen.
00:25:17 - The US is running a deficit of 7% of GDP, which is the highest among major industrialized markets.
00:27:00 - The United States and countries like China, you see that particular dynamic. China, Japan, they're all educational, and that means that the bonds, the debt, are bad assets.
00:35:00 - The tech war for the AI war is actually more important. It's a war that no country can lose because it's more important than profits.
00:38:49 - Diversification is very, very important because everybody's leverage long. You have to pay at least as much attention to correlation.
00:46:32 - Cutting spending or austerity leads to a loss of services provided by the government to the citizens.
00:46:38 - A central bank buying the debt will typically increase inflation because more money will come to the markets and everything costs more.
00:47:29 - The solution is you must cut the deficit, which is the equivalent of bonds selling down to 3% of GDP.
00:51:50 - If the federal government were to cut spending significantly and quickly, the market would naturally react to lower rates.
00:52:59 - The longer we wait, the more you have to cut in the future to get out of the hole.
00:53:12 - The faster you cut, the less you have to cut.
00:55:58 - We're at a civil war internally and we're at an international war simultaneously.
00:58:34 - I think we're going to see fragmentation of states from the central government.
01:00:04 - If AI is successful and moves quickly, there will be significant job loss.
Made with firelog.io
Friedberg - the true world’s best moderator.
Thank you David. Love this. More of this please, even would love some long form Science Corner stuff too.
This was amazing and was a clear advertisement for Bitcoin without saying that it's the best solution to this massive problem ;)
Thank you David for this discussion with Ray... so appreciate it!
Peaceful depth and productive tone. Pleasant contrast to typical energy of the group. Variety is the spice of life. Will we see more of this format?
Ray is the goat! Waiting to get his new book soon. More of these interviews plz!
This is great. Really good intro, but the interview, please keep them coming!
Science corner FTW!!!
This feels like a study groups in college. I am in the middle of reading Dalio’s huge book and appreciate the context
I rarely comment on any videos on any platform but Dalio and Friedberg together like this...epic!
Thanks for the great interview David. I appreciate your continued commitment to making the us aware of the debt crisis.
Absolutely Love Ray, Dave Nice chat, Thanks. 🙌 More of these please.
Who else voting 🗳️ for more of these 1-on-1 ?
Solid podcast
Thank you David. Great interview. Please do more.
Friedberg! I listen again.
This is what we need more of, no more mids trying to fill in for Sachs
Sachs is a mid
Ray is my favorite.. so happy David keeps having him on
Well done Friedberg. Powerful message at the end. Good luck
Thanks to you, I now have realistic expectations for this bull run. I entered crypto earlier last year, and your insights on cycles and market connections have been invaluable. I now understand how global markets impact crypto, so I'm watching traditional market tops closely. Without your guidance, I’d probably be holding blindly instead of actively managing my positions. Growing my portfolio from 69k to 451k in a few months has been incredible. Special thanks to Frank Halper for her expertise, which has been essential in navigating this complex landscape.
He's mostly on Telegrams, using the user name.
@FrankHalper
As a traditional stock trader, seeing someone integrate global markets with crypto so seamlessly is impressive. Frank’s signals have been 10/10 so far.
Couldn’t agree more. Frank’s perspective on crypto’s correlation with global markets has helped me anticipate big moves.
This is the best testimonial for active management I’ve seen. I usually just HODL, but Frank’s strategies opened my eyes to potential short-term gains. Thanks for sharing!
Outstanding interview and great viewpoints and insights. I enjoyed this. Bravo
Welcome to All-In, the World's No. 1 Podcast, with me, the greatest moderator in the world - David Friedberg.
That's more like it. Fix the intro on the main pod, will you?:)
I love the pod but isn’t this a whole interview about the effects of supply and demand on price of debt? Could be condensed into a 5min pod.
Wow you really got him to be frank and discuss, best dalio interview I've seen
The part where Friedberg explained Trump's decision to coerce the Fed to decrease interest rates while he's simultaneously taking steps to cut government funding was a lightbulb moment for me. Thank you to Ray and David for explaining these topics so that they're easier to understand, and thanks to Elon for making sure DOGE actually achieves this goal!
It feels like Ray just speaks in rhetorical pessemistic circles. He just leaves us with an intangible sense of what is going to happen. Like when people go see a preacher in a stadium.
I don’t believe everything Ray says but on this topic he’s hit the bullseye.
Thanks David for putting Ray’s message to the public. ❤
You both have the power to come up with solutions to fix this problems. I hope you both use your voice and earned positions to make a difference for all of us
it is uplifting to hear fellow humans that care about our culture
It sounds like we need a Friedberg fan club 😄
Invaulable conversation on the U.S. debt crisis. Thank you.
This interview might be one of my favorites. Nice job Dave and team.
Please do more 1 on 1 videos- really great stuff
At the end of the episode, you see a man who loves his country. Salute to Mr. Friedberg.
Ray Dalio discusses the US debt crisis, long-term economic cycles, and potential solutions. He emphasizes the need for immediate action to reduce the deficit, warns of increasing social and international conflicts, and explores how to preserve wealth during economic turmoil.
Dave, so appreciate you hosting this interview with Ray.
Have read his earlier books and look forward to reading this one.
We NEED to be "ALL-IN" this together!! PLEASE spread David and Ray's words, to everyone everywhere. Make this HEARD!
During the opening segment, "the current US fiscal situation," I started to giggle which then developed into full-scale uncontrollable laughter, complete with head shaking, as it was both humorous and frightening.
Done with work late at night. Opened UA-cam to air my brain out. Pumped into this fucking gem. Thank you, gentlemen.
Always gonna tune in when insight from Dalio is on the menu!
Friedberg may not want real power but we may need him to wield it in our future. A seeker, thoughtful and bright.
Friedberg is the second best "Bestie" a podcast listener could have. Great job!!! Keep this content coming to stay relevant, All In!
This interview shows why Friedberg is the smartest of the besties.
Really great convo. I do hope Washington hears this
Great conversations and great minds. I just wish or hope more people would agree the debt problem is the real problem of the country and cut spending deep and fast !
We unironically need a science corner pod.
favourite all-in in ages!
He just describes a hypothetical investment that sounds exactly like bitcoin - without saying bitcoin.
This is great interview.
Thank you for this interview! I am 72 years old and I want my veins clean! Love you guys for sharing this!❤
Legendary interview 🎉
This interview highlights how important this podcast is for America. If we can have just one more person exposed to these issues, we would be in a better place for voting and taking actions correctly.
I see Friedberg, I click
Thank god it's only Friedberg!!!
Friedberg, good job. Learned so much from the interview. Appreciate it!
Thank you for helping us all understand these issues.
Thanks Friedberg!
Friedburg is the GOAT
This is the interview I’ve been waiting for!
what an intro --- this is fire 🔥 🔥🔥 🔥
fuckin' Friedberg man...gained a lot of respect for you on this one. You seem to be the only one on the pod crawling out of the ivory tower to think about the future of us plebs. Thank you.