Ray Dalio: How to Survive the Coming Civil War and Plot to Use Debt and CBDCs to Enslave You

22:13Tucker Carlson:Right. And it's a risk that both the debtor and the creditor have to each other. So think about it, China. Yes. And if you were thinking China, how do you feel about holding treasury bonds? OK, so you may not feel secure about holding treasury bonds, both for two reasons, because you could be sanctioned or you also because there's a supply demand problem. So you start to see the movement in that direction. And then, of course, it's also also in that situation. Governments want to control their supply demand. So they might establish foreign exchange controls. They might do certain things like that.

22:53Tucker Carlson:But they also feel vulnerable. The United States can feel vulnerable if they can't sell enough of those bonds to others, if the demand isn't, because then interest rates would have to rise because of the supply demand, too much supply relative to the demand. To make it more appealing to buyers. Yes. And also to cut the demand for credit. In other words, if the price rise, then people will borrow less and so on. And that then has the effect of mechanically slowing down the economy that produces that result. Then what happens is then the central bank comes in and it prints money and it buys the debt, which depreciates the currency.

23:38Tucker Carlson:That's the mechanics of the debt part of it that is related to the political and the geopolitical part of it. May I just ask you something?

23:48Ray Dalio:So if foreign countries don't want to buy your debt and your central bank decides we're going to print more money and buy our own debt with it, which is what we're doing, wouldn't the people doing that stop and say, wait a second, this sounds like an electric windmill. Like, what are we doing here? This sounds crazy.

24:06Tucker Carlson:They're stuck. They're stuck. They're stuck because they have a deficit. And the deficit will be there unless they raise taxes and cut spending or something. And that's bad for the economy and it's politically bad. Yes. Okay. Or you print the money and you make up the difference. And so since the breakdown of the monetary system in 1971, that was when there were too many claims on gold and we had a system attached to gold. And because they were in August 15th, 1971, I remember it well. I was clerking on the floor of the New York Stock Exchange after college, before I went to graduate school. Richard Nixon gets on August 15th, Sunday night.

24:57Tucker Carlson:He gets on the television and he says, we're not going to allow the conversion of that paper money into gold. And we're not going to, you won't get your gold. And I walked on the floor of the stock exchange the next morning. I thought this is a big crisis. And what they did is they essentially printed it. And then we had the stagflation of the 70s. But I was very surprised. And I found out, I never threw anything like that before. I studied history. I found out they did the exact same thing in March. Roosevelt did the exact same thing in March of 1933.

25:37Ray Dalio:Right after he got inaugurated.

25:39Tucker Carlson:Right. Okay. For the same reasons. Okay. Because your choice is to have a lot of defaults and a debt problem or to do that. Right. That's how it works. That's how the machine works. So, and at the end of the day, since 1971, when we went off the gold standard and we went to a fiat monetary system, we have always done that, you know, and, you know, the Fed put. And, you know, that's the way it is.

26:12Ray Dalio:And it's kind of worked for 55 years, but it's showing signs of breaking down.

26:17Tucker Carlson:What it does is it's like using the hair of the dog that bit you.

26:28Ray Dalio:Oh, it's the hangover cure. Yeah. I'm familiar with that. Okay. Me too. For sure.

26:35Tucker Carlson:What you do is you give more money in credit. And what happens is to get out of it because then you make it easier to pay the debt. Yes. Like in 2008 or 2020, you give the money, okay, and you give the credit and you fund it and you make that. But that makes the debts go up again, okay, until then you reach the point where the debt is squeezing on the expenditures and you have the supply demand. So that's why you have these big debt cycles, you know?

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29:09Ray Dalio:of service. So I think even people who are not really interested in monetary policy or macroeconomics feel like there is a point at which this doesn't work anymore. It just breaks. It is. It's happened all in all. So what does that look like specifically, the debt crisis people keep talking?

29:26Tucker Carlson:Well, because of that, my last book, my most recent book put out about a little less than a year ago, is called How Countries Go Broke, the big cycle. And what I wanted to do is to just show 35 cases of it. That is just the mechanics to show how it works, okay? But it is that dynamic of the squeezing on the spending and the supply demand. And then you start to see it where, as I was saying, the long rate goes up while the short rate comes down because the central bank's pushing the short rate down. And then they shorten the maturities of the debt. And then the central bank buys that. And then the central bank, now it owns all these treasuries.

30:14Tucker Carlson:And then the central bank starts losing money because they own the treasuries. And they're going up. So they have to produce the money and credit to keep that rate down. And they lose more and more money. And that dynamic then doesn't stop the change in the capital flows. That's why you, and then traditionally in all of these cases, you see a move to the hard money, the move to gold, okay, as we're seeing. You see that dynamic in terms of that move to gold, and then it starts to run its course. So it's very much like, think about what happened from 71 through the 70s, produces more stagflation.

30:58Tucker Carlson:And then at some point, the inflation problem or the devaluation of money problem becomes such that the central bank then tightens money and so on. The Volcker years. The Volcker years, 1979, 80, 81, 82, right? So the pendulum swings. Think about it this way. In order to have a balance, a successful economy, a successful capital market, since one man's debts are another man's assets, you have to keep interest rates not so high that they crush the debtor without having them so low that they are bad for the creditor. Right. So you see these cycles. When we had zero interest rates and negative real interest rates, what you saw was massive creation of credit and money and borrowing and so on.

32:01Tucker Carlson:And then you had that cycle. So that's what the cycle looks like if you have losses. And then you also have, under those circumstances, classically, the weakening of the central bank's control, or I should say the strengthening of the central government's control over the central bank. In other words, when these things happen, then there is, they can't be at odds, okay? And so there is greater control by the central government of this. And - Are you writing the news? No, I've just seen this movie before. It's exactly what's happening. I know, but that's what I'm saying. Because it must happen in the nature of that dynamic when you have, imagine a fight between the central bank and the central government in the middle of a crisis and so on.

33:00Tucker Carlson:So there is this control because there's a monetary thing.

33:04Ray Dalio:Because there has to be.

33:05Tucker Carlson:Right. What happens if you're the president of the United States or you are the leader in that country and you are in this kind of a monetary crisis? It's like anything, any fight. You don't want the internal fight. You want to get control and there's a fight for control. So we're living in a world today in which there are fights for control, right? Who has the power and the fights for control?

33:28Ray Dalio:So again, though, at what point do we know the system is just broken and this experiment which began post-war 1945 has reached its end and we need something?

33:40Tucker Carlson:Pretty much almost only in retrospect. What happens if you're really close up and you say, when did they know that there was a breakdown? Or when did they know that there was, let's say, the French Revolution? There's a day that they say. Storm of the Bastille. Right. And there's that day and they said it. They didn't know that. No, they didn't.

34:07Ray Dalio:Just like some prison got raided or something. They didn't. Yeah, no, that's right.

34:11Tucker Carlson:Okay. Okay, so it's not like they announce it or it becomes clear cut, right? You slip into those things. There's never that clear moment.

34:23Ray Dalio:But what happens next? Like we heard Chairman Xi three days ago say, hey, by the way, China should hold the world's reserve currency. And that seems very far away now, I guess, but maybe.

34:35Tucker Carlson:So you're asking me what I think about China's having the reserve currency?

34:39Ray Dalio:The only reason I'm putting it, I have no idea if that's plausible.

34:41Tucker Carlson:I can respond to it. Tell me, yeah. Okay. I don't think China is going to have a... There are two purposes of a currency. Yes. Medium of exchange and storehold of wealth.

34:53Ray Dalio:Right.

34:53Tucker Carlson:Okay. Medium of exchange, it's logical that China is going to have much more of a medium of exchange type of reserve currency because it is right now the world's largest trading country.

35:08Ray Dalio:Right.

35:09Tucker Carlson:And so people, central banks, want to hold some reserves in the things that they're trading in and so on. And so the Chinese have intentionally, in order to minimize that conflict, have not pushed that thing. And now they're going to operate and moving in that way. As far as storehold of wealth, though, who's going to trust the Chinese with your wealth and capital controls and so on? I think that all fiat currencies have a problem. OK, so they have the history of foreign exchange controls. They have a would you trust it's anti wealth protection? You know, this is not that's not their great track record.

36:00Tucker Carlson:I'm going to protect your wealth. Even private property and how it works in China is a new concept relatively, and it's something that they're wrestling about. You can't own land. You can't own property. So the storehold of wealth element is going to be very tough for them to sell. So the world does not have what you want as a currency, as a reserve currency, other than gold. I mean, it's just a default, right? Because it's a debt and gold is, like they say, it's the one asset you can have that's not somebody else's liability, meaning you have to get money from somebody else.

36:39Ray Dalio:So I asked you last year off camera, I'll never forget it. I've always been a gold buyer, but then I don't know anything. It just instinctively seemed like it made sense. But I've always been a little bit embarrassed about it. And so I asked you, is it crazy to take some money and buy some gold? And you said it's not crazy at all. And I remember feeling vindicated, but also wondering, like, why don't more people say that? It almost feels like there was a conspiracy in the financial press.

37:04Tucker Carlson:I think all around, not only in related to gold, but all of the things I think people get used to. What's credible to them is what they experience and the norm that they have at that time. and so much see that's happening you i hear people say i'm shocked by but the only reason they're shocked is because they become used to that right if you if you were traveling through time and you went and before 1971 and so on and you saw history and you saw the universality of money and gold and how the whole system worked repeatedly over time, you would understand there's that dynamic that's taking place.

37:57Tucker Carlson:But yes, people think, they misunderstand, they think it's a metal to speculate on. They don't realize that actually it's a money. Okay. Central banks, second largest money. Okay. So when you're, it's almost like when you look at the world through that money, you can see what things cost through that lens.

38:26Ray Dalio:Exactly.

38:26Tucker Carlson:People are looking at it instead like through a dollar lens and they see gold go up. Okay. But that's not what they're looking at. You could look at the world through a gold lens and see money go down. Okay. So all I'm saying is because of their experience and what it is, it's implausible. It's like, you know, the tooth fairy or Santa Claus, you know, you believe in these things and so on. And then you realize through the cycle. And that's why surprises take place. That's why it seems implausible. but if you read history, it's almost, you know, it's logical.

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40:47Ray Dalio:Tax Act can think of a million things more fun than filing taxes. Tax Act is going to name some now. Sitting in traffic. Folding a fitted bed sheet. Listening to your coworker talk about his fantasy team. Digging a hole. Digging an even larger hole next to that original hole. Unfortunately, TaxAct's filing software can't make taxes fun. But TaxAct can help you get them done. TaxAct. Let's get them over with. So you don't seem surprised at all by anything that's happened or is happening right now. What are a few other things you would not be surprised to see in the near future? For example, let's start with gold.

41:30Ray Dalio:What would you not be surprised to see the spot price of gold per ounce in like five years?

41:37Tucker Carlson:I don't want to, you know, that's one of those headline presuming. Let me say it this way.

41:44Ray Dalio:Yes.

41:46Tucker Carlson:I think people pay too much attention to the spot price, whether it's a spot going to go up or down or whatever. And what they don't do is think, if I didn't have any view on gold, what amount should I have in my portfolio? In other words, if you did a portfolio construction exercise and you said, what is an effective diversified portfolio and what assets should I have and what amounts in that? because gold is a very effective diversifier and also a protector of this. During very bad times, gold does very well. When the rest of your portfolio does poorly because, let's say, the 70s being a good example or the 30s being a good example, during those times, it's a diversifier.

42:38Tucker Carlson:Okay, so the optimal amount to have for an individual or a central bank might be different, but an individual would be, depending on what's in their portfolio, between 5 % and 15 % of a portfolio. And so what I would say is if you approach that question that way and you think, what should I have? You should have what we talked about before, a year ago, I guess. And so you should have that particular amount somewhere in that neighborhood, depending on what your portfolio is like. And because it's an effect of diversifier and it is a money. OK, when the traditional money does badly, this money does well.

43:22Tucker Carlson:When the traditional money, which gives you an interest rate, then it's the reverse. So that's the thing that I would try to convey to people. You know, OK, do you have some of that? What's the amount that's your comfort level, you know, but have some?

43:40Ray Dalio:So if you were running the United States or a country like the United States in its current position, what would you need to do to protect your country in the midst of these changes, some of which are inevitable, some of which maybe aren't? What are the steps specifically that you would take to help your country? I would be dealing with achieve something like a 3 % budget deficit,

44:13Tucker Carlson:not more than a 3 % budget deficit. I would try to get financial I try to minimize or eliminate but minimize the risks of that dynamic I was talking about

44:30Ray Dalio:so you would get the budget deficit of 3 %

44:32Tucker Carlson:and I would say to every, I've said to legislators, I go down to Washington and you know, leaders of both parties and I said, it's like being on a ship. And everybody on the ship is headed to a rock. And everybody knows that if you have a deficit of six or 7 % of GDP, you're going to have a supply-demand problem. And I have the conversations, and by and large, this is the agreement. And I don't care whether you turn left or you turn right in terms of that, but do not hit the rock. And what if I would do is I would take a 3 % pledge. In other words, say I will get it down there. And if I can't agree on how, I would do it proportionately with three things.

45:29Tucker Carlson:I would proportionately with taxes, spending. In other words, if you raised taxes by 4%, if you cut spending by 4%, which would lower interest rates because it improved the supply demand and it would also convey the message that it's being dealt with, you would also lower the interest rate on the debt. And those two things would begin to get it to approach about a 3 % budget deficit and so on. but doing that would require, would be politically impossible. So I have these conversations and the answer is, you know, like Ray, you don't understand the world of politics. If I'm, I have to give at least one of two pledges.

46:23Tucker Carlson:The pledges, and probably both, the pledges is, I won't raise your taxes and I won't cut your benefits. Okay, you don't raise the taxes, you don't get. So there's a big move here primarily to try to grow your way out of it. In other words, again, you know, stimulate fiscal and monetary stimulation and hope that that produces, perhaps with the new technologies and so on, that's the idea, enough income growth and so on so that this moves toward that 3%, which is, in my opinion, a not likely occurrence. Why is it not likely that technology will turn out to be so beneficial and lucrative that it erases these problems?

47:18Tucker Carlson:The artificial and technology miracle is a great miracle. Okay. I mean, very, very beneficial. And I've gone through, studied great miracles. The invention of electricity. I mean, wow. Imagine where we'd be without that. But if you, anyway, I could describe what the 20s would like and 2000s and like and so on. the ability to convert that to enough of a productivity miracle is not, I think, probable in also the time frame that we're dealing with. So this is an issue, the debt is, and that dynamic remains an issue. And then, of course, what there is, is the dynamic of how that prosperity and productivity is shared.

48:13Tucker Carlson:In other words, it creates a great wealth gap. You know, you're seeing, we'll talk about wealth. I'm going to come back and talk about wealth. But you're seeing great increases in wealth on some populations. You know, wow, trillionaire, okay? And that kind of thing. And then there's 60 % of Americans have below a sixth grade reading level. so that you take that sixth grade. Okay, now, how are you going? You still have to deal with the nature of that dynamic of how it comes. So the question is, what is the amount of productivity converted into income? How does the government get that income to deal with its debt so the holders of the debt get an effective real return and don't have the problems?

49:02Tucker Carlson:How does that happen in a politically acceptable way? There are lots of things that make that very, very difficult. I want to say something about wealth and wealth taxes, which is, I think, worth understanding. There's a big difference between wealth and money. And I want to just highlight it, okay? Okay,

49:28Tucker Carlson:wealth is very easy to create because it's almost accounting. What I mean by that is I could put out a, raise$50 million. certain individuals can raise$50 million at a billion-dollar valuation, and they will call that that person's a billionaire and that there's a billion dollars more wealth. Okay? It's not literally that you have to have those transactions. And wealth is not worth very much unless you convert it to money. In other words, you have all of that wealth, but you can't spend wealth.

50:14Ray Dalio:You can't pay for dinner with it.

50:16Tucker Carlson:Right.

50:16Ray Dalio:Right.

50:17Tucker Carlson:You have to sell it, sell some of it in order to get money, in order to pay it. And so when wealth rises a lot relative to money, you have a risky situation. Okay. Now the other thing about - Why is that a risky situation? Because when there's a movement, the bubbles pop.

50:40Ray Dalio:Right.

50:40Tucker Carlson:When there's a movement that I need to get money. Now, that quite often is I need to get money because it's a debt service payment. In other words, let's say quite often people borrow to buy wealth. Okay. So there's a lot of borrowing now, not only in buying stock, but companies themselves buying to create wealth. and when you need to get the money, like in all the stock market bubbles, there was a lot of borrowing to buy the wealth. Well, when the need for money came along, they had to sell some of that wealth to get the money and then that produces a dynamic. Well, you don't tax wealth, okay?

51:26Tucker Carlson:So because you don't tax wealth and then there is this political issue of wealth, are you going to tax wealth? What is going to happen in California? What is going to happen elsewhere in terms of taxing wealth? If you tax wealth, then imagine what happens. You have to sell wealth to pay taxes. Okay, so there's a dynamic. And that lowers the value of it, right? And that's what pops bubbles.

51:54Ray Dalio:Right. Right.

51:56Tucker Carlson:So this the wealth issue is is a political issue. The wealth gap issue is a political issue and it's a market issue and it's important issue to understand.

52:12Ray Dalio:Is it inevitable that you would see, given the way our wealth is allocated across 350 million people, that that you would get the rise of wealth taxes? because couldn't this have been predicted? It seems like it's such an obvious headline, seemingly logical thing to do, right?

52:41Tucker Carlson:In other words, everybody would say, wait a second, all these people are having all the wealth and they're not paying any taxes on their wealth while this is going on. Okay, we need to go where the money is, right?

52:53Ray Dalio:Right.

52:54Tucker Carlson:So it seems like that without then the full understanding of those things and how to do it in a managed way. But so it's anyway, it's upon us, certainly. And what will happen?

53:08Ray Dalio:I mean, that's, I think, a referendum in California.

53:12Tucker Carlson:Well, I think what's happening is, and we're seeing it around the world in many different ways. people are um people in california moving and and it's not the it happening it's the fear of it happening right right so you're you're you know you're seeing that dynamic i'm just a you know like i'm a mechanic of course i get it you're not judging other way you're just

53:43Ray Dalio:describing what's happening but because that is happening and people are moving and not just within the country, but outside the country, do you have any guesses or observations about where people are moving? So clearly in the country, it's Texas, Florida, but Wyoming, but in the world, where are people moving?

54:00Tucker Carlson:Generally speaking, they're moving to where there's civility and opportunity, and there's not much fighting. They want to be in places that that have a, I don't know, they go to places that have lower taxation, but also vibrancy. You know, they go to Texas and Florida, as you say, and here in the Middle East or in, you know, in places that are also vibrant and things are happening. And so you could see the patterns of those kinds of movements. And then the problems that that creates is a hollowing out in those places, the other places. Because when they leave, the tax base is, you know, roughly speaking, you know, the top 10 % pays about 80 % of 76 % or something of the taxes.

54:58Tucker Carlson:And so when you lose, let's say, half of them, you lose a big amount of tax revenue. and then that becomes a dynamic.

55:09Ray Dalio:Could you see, given all the factors you've described, like representative democracy continuing in a country like ours?

55:25Tucker Carlson:I hope so. Oh, me too. Of course. And I just don't know.

55:38Tucker Carlson:I think deep in us, most Americans really, really want that and so on. And then at the same time, there are irreconcilable differences. And I think it was a recent poll, something like 25 % of the population said that they would fight violently for their side. I mean, some significant percentage, yes. And it only takes a relatively small amount. So I don't think we can take it for granted. In other words, there's a lot we can't take for granted. And I think we want to cherish those things, put those things above everything else. But you can't take it for granted.

56:25Ray Dalio:When you hear people speaking lightly of civil war, which they are, what's your reaction?

56:34Tucker Carlson:I have a principle. If you worry, you don't have to worry. And if you don't worry, you need to worry. Because if you worry, then you're more inclined to prevent the thing that you're worried about. So I think that the greater worry about some of these things is a good thing. You know? Yes. In other words, okay, now we won't take it for granted. We worry about these things. So what are we going to do about it?

57:04Ray Dalio:I see people not worrying and sort of blithely throwing it out. Almost like the way they talk about some foreign policy operations is go in and kill these guys, put these guys in, it'll be fine. That same attitude I hear a lot about the United States. Like, well, we're going to have to fight it out at some point. You've taken a close look at civil wars throughout history. What are they like?

57:26Tucker Carlson:Well, civil wars and international wars are so horrendous that the most bold people who were, you know, trumpets blaring and going into that and so on, everyone came out of it with deep regret. I mean, we can see while we see it on the news and you can see that, but just imagine how horrendous the wars are. So I think it's a cycle, you know, your confidence and your boldness is increased by the distance that you have to your last wars, you know. Right.

58:18Ray Dalio:What is the difference? You were saying earlier, there's a difference between money and wealth. And wealth, you said, is not necessarily easily convertible to money. In a society like ours, where is the money? Who has the money? Is it the same people who have the wealth?

58:40Tucker Carlson:No, no, no, no, no. Many people have a lot of wealth and don't have much money. They have illiquid assets. Yes. Okay. Money is the, is that what you can transact? Currency, short-term deposits that you can assuredly and quickly turn into money. You know, that's what money is. And the central bank really controls the money. And then you could look at who has that increasingly, like you could look at M0, M1, and you could see money market accounts, and you could see those very liquid, you know, money, safe money, treasury bills, those kinds of things. and so that, you know, but ultimately it's the central bank because they control the supply demand.

59:36Ray Dalio:So, I mean, if in a period of volatility, it would seem like the central bank would clamp down on the money supply circulating among people.

59:44Tucker Carlson:Well, it faces the trade-off, right? The trade-off is like in, let's say, COVID.

59:52Ray Dalio:Right.

59:58Tucker Carlson:or 1971 when there's too many claims and so on.

1:00:05Tucker Carlson:The trade-off is that people need money, and they may need money to pay debt, and they may need money for whatever reasons, and so they are tempted, therefore, to create money. And so you see the coordination between fiscal policy and monetary policy. So you saw two big waves of large budget deficits and large supports of central banks, first under Trump when the COVID began and then under Biden when they got in because he also wanted more universal basic income. In both of those cases, the government sent out lots of checks. And that's also a popular thing to do. Discipline, financial discipline is not what the population typically likes.

1:00:58Tucker Carlson:Send out those checks. But where does the money come from? And then the central bank cooperates by buying the government bonds and print money and then buying those bonds. So when they're in the middle, austerity is not an easy thing to have, right?

1:01:20Ray Dalio:What happens if the government issues digital currency? What does that mean?

1:01:25Tucker Carlson:Well, digital currency is, right, you're talking about central bank digital currencies. Yeah. Okay, and that. There's a great deal of appeal because of the fact that it's easy and so on. But it's, and I think it'll be done. A lot happens. You think it will be done? Yeah, I think it's, but what happens in the digital currency, of course, it's easy to transact and so on, and it'll be like money market funds, I think. The question will be first, will they be able to offer interest? So there's a debate now as to whether they will be interest. If they're not able to offer interest and there will be a debate, probably they won't be.

1:02:19Tucker Carlson:But then they're not an effective vehicle to hold it in because you'll have the depreciation. You'd rather hold it in a money market fund or a bond. But that's the debate. There will be no privacy and it's a very effective controlling mechanism by the government. What I mean is all the transactions will be known. All transactions done with digital currencies will be known, which is good for illegal activities, getting control of illegal activities. But it also means that the government has a great deal of control. For example, they can tax that way. They can take your money. They can establish foreign exchange controls and the like.

1:02:58Tucker Carlson:And so that's something that will be an increasing issue, particularly for international holders of that currency, because they might feel, let's say, if you're a Frenchman and they wanted to have sanctions, they could take your money. Of course. And so on. So there's the privacy issue of that.

1:03:21Ray Dalio:And if you're politically disfavored, you could be shut off.

1:03:25Tucker Carlson:Politically disfavored, you could be shut off, yes. So those kinds of issues enter into it. For those reasons, and they're very tiny, I don't think that you're going to see the development of central bank digital currencies to be of a magnitude that it's going to be that big of a deal. I think that doesn't mean it won't grow, but I don't think it's going to be a big deal.

1:03:57Ray Dalio:So my last question is, given your description of the United States as in stage five in a process that only -

1:04:05Tucker Carlson:Which doesn't mean it's inevitable.

1:04:07Ray Dalio:Of course, but there are only six stages in the process you described. So it's toward the terminus.

1:04:13Tucker Carlson:It's the time that it's time to worry.

1:04:15Ray Dalio:So you go to Washington, you try to convince policymakers, members of Congress, people in administration, here's what you need to do. You've described the reception you get as like, hey, you don't understand politics, we can't do that. So that's not a lot of headway made, obviously, for obvious reasons. Do you have advice for people watching who are not policymakers, who are just Americans, as to what they can do to prepare for whatever comes next?

1:04:42Tucker Carlson:Well, there's the basics.

1:04:47Well,

1:04:49Tucker Carlson:earn more than you spend. Try to save. diversify your portfolio including about money and those that's those things are of paramount importance think about the country the opportunities where are the opportunities people have migrated from one place to another follow the opportunities and most importantly is raise your children well so that they're well-educated and able to be productive and also civil so that they can be effective. And as I say, there are only three things a country needs to do, and that's the same for the individuals. You know, raise your kids well so that they're well-educated and can earn an income and operate, go to places that work well so that there's civility and productivity and there's opportunity and stay out of civil wars and international wars.

1:06:03Ray Dalio:Those seem pretty obvious.

1:06:06Tucker Carlson:You do those things well? I mean, really, almost everything else takes care of itself, really. Yeah.

1:06:14Ray Dalio:Ray Dalio, thank you very much for that.

1:06:15Tucker Carlson:It's always a pleasure.

1:06:16Ray Dalio:Thank you.