How Countries Go Broke: The Big Cycle

Ray Dalio, bestselling author of Principles and one of the world’s top investors, warns that rising US government debt poses serious risks. In How Countries Go Broke, he explains the “Big Debt Cycle” — a pattern seen throughout history when nations accumulate too much debt. By studying 35 past debt crises, Dalio shows how governments collapse, what signs to watch for, and how the US can avoid disaster. Drawing on insights shared with global policymakers, he offers a clear framework and practical solutions for tackling today’s debt challenges before it’s too late.