Here’s a great presentation from Ray Dalio’s TED Talk a couple of years ago in which he shows a short clip of himself speaking to Congress, and Wall Street Week about his call on the debt crisis in the early eighties.
It was late 1970s, I was 34 years old, and I had calculated that American banks had lent much more money to emerging countries than those countries were going to be able to pay back and that we would have the greatest debt crisis since the Great Depression.
I mean, while the debt crisis happened, the stock market and the economy went up rather than going down, and I lost so much money for myself and for my clients that I had to shut down my operation pretty much, I had to let almost everybody go.
