How Countries Go Broke: The Big Cycle

Ray Dalio lays out a clear, step-by-step Big Debt Cycle model, linking history to today’s headlines. The book analyzes the United States, Europe, Japan, and China, showing how debt grows, how economies adjust, and what the milestones and warning signs look like. Along the way, it explores how political dynamics, geopolitical rivalries, natural disasters, and rapid technological change interact with finance to reshape the global order.

Written in a narrative, accessible voice, How Countries Go Broke: The Big Cycle guides readers through real-world scenarios, case studies, and practical takeaways rather than dense theory. The content is presented through a structured progression: concepts, examples, and actionable insights that help readers grasp the cycle, anticipate shifts, and engage in informed conversations about policy and investment.

• Big Debt Cycle framework for understanding sovereign debt and policy choices
• In-depth analysis of the US, Europe, Japan, and China
• Clear explanations of debt sustainability, deficits, and monetary interactions
• Case studies, timelines, and real-world scenarios
• Accessible, data-informed writing with practical takeaways

Readers finish with a clearer lens on the forces shaping today's economy, more confidence to discuss policy questions, and a practical framework they can carry into decisions about finance, investment, and civic life. How Countries Go Broke: The Big Cycle leaves you prepared to think critically about debt and its lasting impact on the world.