世界恐慌の教訓を前提にした回避策、二度とドイツの孤立の悲劇を繰り返さないと言う、暗黙の了解が広くヨーロッパ諸国にはあるかもしれない。

　米国、ヨーロッパ、日本の3極バランスシートの採用、新興国の台頭によるリスクの分散という様々な試みで世界恐慌は回避されたかに思われた。しかし株式暴落の本質的危機は常に繰り返し継続している。

ドルの没落-レイ・ダリオ「変わりゆく世界秩序」のなかで特に過去500年間に準備通貨国となった旧宗主国オランダ、イギリス、そして第二次世界大戦後1944年ブレズンウッド体制の米国の歴史と現在のドル支配の衰退を克明に論じている。近年では、米国内の債務問題、新興国の台頭などが重なりドルの支配が失速している。

そしてドルの没落の速度や凋落の対応策、つまりいかにソフトランディングしてリスク回避するかを提起している。これは、現在の米国政府の様々な諸政策、つまり相互関税など、この事を想定したものだろう。

世界経済の動向や基軸通貨の歴史、交替サイクルを理解する上で重要な本である。

It is written based on rich data,super computer and Dalio's keen observation. The conclusion might be shocking but objective and accurate whether you like it or not. His trackrecord as an investor proves it. (As of September 23,22 his pure alpha fund delivers 32.7% YTD after fee in this difiicult year) Everybody and especailly politicians and investors should read this.

Most alaraming is he gives 35% chances to a big war of USA and China in next 10 years.(although he admits it is a wild guess) That is too high to ignore. All Taiwanese and Japanese need to think about PlanB

Pretty readable English though I feel too redundant. (The whole contents could be written in one third of the volume. )

Very exciting and gave me detailed insights on present day world economy.

I very much hope that America will remain superior to The Authoritarian Republic of China at least for another half century and Japan will regain its strength and become a larger economy than China.

Great

Interesting, learned quite a bit. But the repetitions are incredibly annoying- the whole book could have told in less than halve the pages. In addition the book is also a lot about Ray (I do this, I did that), which could be left out. Remarks like: you may want to read previous section again, slowly. Effing patronizing!

For everybody who would like to learn in which circular structure empires and stock markets rise and fail, this book is the best decision to buy.

Honestly.

The immense focus on detail offers a guideline with which you can easily work to challenge your own investing ideas.

No book has shaped my thinking about financial crises and central banks more than this book!

This should be standard literature for every student!

Part I is the best part one can wish for. It's about how the machine works.

Part II concentrates on the history of the past empires - how they rose, what they experienced on the top and which reasons made them fail

Part III is a forecast for future development of the biggest key countries.

One of the best books ever written.

It details the historical circumstances surrounding the fall of a reserve currency.

The conventional view is that once the US Dollar's hegemony ends so too will the world. Yet, the fall of currencies is something that has occurred hundreds of times in the past.

If you're interested in this specific question "What comes after the US Dollar? "- you will enjoy this book.

Es una excelente obra porque con un lenguaje fácil y práctico. Ray Dalio transmite su visión sobre cómo funciona la economía y la geopolítica. Esta es la visión de uno de los hombres con más poder real en este momento y obviamente que se sustenta sobre un sólido estudio, análisis e inteligencia que le ha permitido ser uno de los inversores con más éxito del mundo.

Ray Dalio n'est plus a présenter dans le monde de l'Economie. Et ce livre est encore une fois un plaisir à lire. Des recherches approfondies et une analyse (même plusieurs) très poussée permettent de comprendre les différents cycles économiques à travers le temps et donnent les clefs pour comprendre le monde actuel. Beaucoup de graphiques et d'illustrations permettent de visualiser les cycles et les principales crises économiques et financières. Construit en 3 parties bien distinctes, chacune d'elle est expliquée et décortiquée dans un langage clair et compréhensible.