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Another Tuesday!
Hello, Curse and Coffee friends,
Today, we explore Ray Dalio’s warnings about the economic crisis.
Hit reply and let us know what you think (we read all of your kind words).
Coffee at the ready…
The Big Sip
The take: Everyone knows the debt is unsustainable. Dalio's point is darker: the politics make it unsolvable. The trap is locked from the inside.
What happened: Bridgewater founder Ray Dalio told CNBC on Monday that the global economy faces an "unusually precarious" two years ahead, with debt cycles, political polarization, and geopolitical tensions converging.
Why it matters: "Every country cannot continue to accumulate the debt they have, yet politically they can't raise taxes and they can't cut benefits. So they're stuck." The math demands action. The voters forbid it. That's a diagnosis.
What to watch: The next Treasury auction that doesn't clear, or the next debt ceiling vote that goes to the wire. Dalio warns the US will soon "have to sell a quantity of debt that the world is not going to want to buy." When demand falters, the trap springs.
Dalio compared the current moment to 2000. That distinction matters: a slow grind—more brutal to time, easier to ignore, then impossible to escape.
Sponsor Break
Before we slurp into today’s brew…
Here are some wordies from today’s sponsor.
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