IN THIS EPISODE YOU’LL LEARN:00:04:24 - How Dalio defines credit and debt.00:08:55 - Why too much debt can be an issue for the global economy.00:12:13 - The difference between the short-term and the long-term debt cycle.00:13:02 - Why credit is the primary driver of our economy and leads to bubbles.00:14:45 - How deflationary and inflationary deleveragings eventually resolve themselves.00:17:11 - How we can identify a bubble.00:31:37 - Four tools policymakers can use to handle large debt issues.00:45:39 - Why hyperinflation occurs at the conclusion of some long-term debt cycles.Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.BOOKS AND RESOURCESTune into the recent We Study Billionaires' episode covering the Lessons from Billionaire Howard Marks.Learn about the Worldly Wisdom of Charlie Munger.Dalio’s video: How the Economic Machine Works.Ray Dalio’s books: Big Debt Crises & The Changing World Order.Check out William Green’s conversation with Ray Dalio here.Check out Preston and Stig’s overview of Big Debt Crises here.Follow Clay on Twitter and Instagram.NEW TO THE SHOW?Check out our We Study Billionaires Starter Packs.Browse through all our episodes (complete with transcripts) here.Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool.Enjoy exclusive perks from our favorite Apps and Services.Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets.P.S The Investor’s Podcast Network is excited to launch a subreddit devoted to our fans in discussing financial markets, stock picks, questions for our hosts, and much more! Join our subreddit r/TheInvestorsPodcast today!SPONSORSGet position and investment info for nearly 6,000 Asset Management Companies with Moomoo, Australia’s first A.I. powered trading platform. Sign up and fund your moomoo account before October 31 and get $10 for every $100 you deposit. All investment carries risk. AFSL 224 663. T&Cs apply.Monitor your recovery, sleep, training, and health, with personalized recommendations and coaching feedback with WHOOP. Use code WSB to save 10% off your order today.If your business has five or more employees and managed to survive Covid you could be eligible to receive a payroll tax rebate of up to twenty-six thousand dollars per employee. Find out if your business qualifies with Innovation Refunds.Invest in high-quality, cash-flowing real estate without all of the hassle with Passive Investing.Have gold and silver shipped directly to your door for you to hold at your home. Get BullionMax’s Gold Investor Kit today - 3 ounces of the world’s most desirable gold coins, including the Gold American Eagle and Canadian Maple Leaf.If you’re a sales professional, get every real time advantage you can get with Sales Navigator. Enjoy 60 days of free trial today.In a world of probabilities, trade the possibilities with Pepperstone.Ship with FedEx and be ready for this holiday season with picture proof of delivery.If you’re aware you need to improve your bitcoin security but have been putting it off, Unchained Capital's Concierge Onboarding is a simple way to get started—sooner rather than later. Book your onboarding today and at checkout, get $50 off with the promo code FUNDAMENTALS.Get personalized, expert advice that helps you see things clearly with ATB.Enjoy 10% off your first booking in Viator’s world of over 300,000 experiences you’ll remember. Download the Viator app now and use code VIATOR10.More wealth, more purpose, or making more of a difference? Commonwealth Private helps you create more of yours - with exceptional service and experts who meticulously tailor opportunities for you.Find an advisor who’s invested in you with iA Financial Services Inc.Find people with the right experience and invite them to apply to your job. Try ZipRecruiter for FREE today.Ship with FedEx and be ready for this holiday season with picture proof of delivery.Take a po