Ray Dalio: I’ve studied 500 years of history and fear we’re entering the most dangerous phase of the ‘Big Cycle’

Most people are shocked by what’s unfolding in the world right now. I’m not. I’ve seen this movie before.

As a global macro investor for over 50 years, I’ve had to study the cause-and-effect relationships that drive history in order to place my bets. What I found is that all monetary orders, political orders, and geopolitical orders rise, evolve, and collapse in a repeating pattern I call “the Big Cycle”—typically lasting about 75 years, give or take about 30.

I believe that...