Dalio also conflates public and private debt, and fails to address the questions of to whom these different kinds of debt obligations are owed and in what are these obligations denominated … there are more convincing and historically and conceptually more robust understandings of credit cycles than those of Dalio’s “grand theory”; start with Minsky and Arrighi from two different traditions.
I like MMT economist Stephanie Kelton’s phrase for those like Xu Gao et al who understand how nations with sovereign currencies operate and why they can never go broke or be unable to pay their debts: she refers to them as “Deficit Owls.” I believe her book “The Deficit Myth” is now available in Mandarin in China.
Zhao Jian (赵建) Is NOT "a renowned macroeconomist and head of the Xijing Research Institute". He is a professor at 济南大学 Jinan University in Shandong Province, a 3rd-tier university. His 西京研究院 "Xijing Research Institute" has almost no one noticeable except himself. He is no doubt very loud. But he has far thinner credentials than Xu Gao and others.
Heterodox theses on ways of interpreting the economy are welcome, but let us never forget that the economy is political and monetary economics should represent only a small part of the story.
Dalio also conflates public and private debt, and fails to address the questions of to whom these different kinds of debt obligations are owed and in what are these obligations denominated … there are more convincing and historically and conceptually more robust understandings of credit cycles than those of Dalio’s “grand theory”; start with Minsky and Arrighi from two different traditions.
I like MMT economist Stephanie Kelton’s phrase for those like Xu Gao et al who understand how nations with sovereign currencies operate and why they can never go broke or be unable to pay their debts: she refers to them as “Deficit Owls.” I believe her book “The Deficit Myth” is now available in Mandarin in China.
Zhao Jian (赵建) Is NOT "a renowned macroeconomist and head of the Xijing Research Institute". He is a professor at 济南大学 Jinan University in Shandong Province, a 3rd-tier university. His 西京研究院 "Xijing Research Institute" has almost no one noticeable except himself. He is no doubt very loud. But he has far thinner credentials than Xu Gao and others.
Heterodox theses on ways of interpreting the economy are welcome, but let us never forget that the economy is political and monetary economics should represent only a small part of the story.
Marxism is always a good place to start.
印钞为王：减税到0
print money kill levy
https://x.com/mmtchina/status/1855780349982253385