How Countries Go Broke

#1 New York Times Bestseller An urgent warning about the American economy from Ray Dalio, the bestselling author of Principles. Do big government debts threaten our collective well-being? Can a major reserve currency country like the United States really go broke? In this groundbreaking book, Ray Dalio—one of the greatest investors of our time who anticipated the 2008 financial crisis and the 2010–12 European debt crisis—shares his detailed explanation of the "Big Debt Cycle." Understanding this cycle is critical for grasping where we are and where we're headed with debt. Dalio's model reveals surprisingly straightforward solutions for the debt problems facing the US, Europe, Japan, and China today. The book also connects these debt challenges to broader forces—political, geopolitical, natural, and technological—that are reshaping the world order. By reading this book, you'll gain clarity on what's happening now and what to do about it. Endorsed by Henry M. Paulson Jr. and Lawrence H. Summers as an invaluable resource for policymakers, investors, and citizens.