Introducing the Rachman Review: Is the US heading for a debt crisis?

单集文稿 ...

• 00:02

  Hello, and welcome to the Rachman Review.

• 00:04

  I'm Gideon Rachman, Chief Foreign Affairs Commentator of the Financial Times.

• 00:08

  This week's edition is on America's looming debt crisis.

• 00:12

  My guest is Ray Dalio, founder of Bridgewater Associates, the world's largest hedge fund,

• 00:17

  and author of a new book, How Countries Go Broke.

• 00:21

  So could even the mighty United States have a major debt crisis?

• 00:33

  Chair Powell,

• 00:34

  how does the size and the trajectory of the national debt affect the Federal Reserve's ability to manage inflation in good economic times and spur investment and hiring in slower economic times?

• 00:49

  I'm happy to say that today, those things do not affect our ability to do our job.

• 00:55

  The concern really is that if we don't do something,

• 00:58

  then there will come a time at which it will be a problem.

• 01:01

  not for us, but for the country.

• 01:04

  That was Jerome Powell, head of the Federal Reserve,

• 01:07

  warning American policymakers that they must get the country's spending under control.

• 01:12

  That's certainly the view of Ray Dalio.

• 01:15

  He's an expert on debt crises,

• 01:17

  and his Bridgewater Fund famously predicted and profited from the global financial crisis of 2008.

• 01:25

  Dalio's developed a complex historical model, which he calls the big cycle.

• 01:29

  to try to predict how and when debt crises will occur.

• 01:33

  So I began our conversation by asking him if he thought the US could go broke.

• 全部文稿