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In this episode of Conversations with Tom, Ray Dalio and Tom Bilyeu discuss the current severe recession and the debt crisis that preceded it. And while Ray does advocate planning for the worst-case scenario, he also offers a powerful reminder that you don\u2019t have to do this alone. \n\nThis episode is brought to you by: \nImpact Theory University: university.impacttheory.com \nNETGEAR: Learn more about Orbi WiFi 6 at netgear.com/bestwifi \nBLUblox: Go to blublox.com/impacttheory for 15% off your order or use discount code ImpactTheory at checkout. \n\nSHOW NOTES:\xa0\nThere\u2019s a pattern to history, but some things only happen once in a lifetime [0:41] \nRay discusses debt crises and the problem of money creation [1:29] \nThe Federal Reserve is part of the government but outside of politics [5:38] \nMoney is digital. So how do we know it\u2019s going to be of value? [7:37] \nRay talks about the large wealth gap and the rise of China [10:04] \nLook at your income, expenses and savings, and then do a stress test [12:31] \nRay advocates intelligence and non-antagonism in politics [17:07] \nRay discusses the success of FDR in dealing with depression and debt crisis [19:47] \nRay strongly advocates for the virtues of a complete education [22:38] \nTom and Ray discuss the importance of skill acquisition [27:35] \nYou don\u2019t need to make your decisions in your head. You can ask others. [33:56] \nNo one is going to come to save you [36:32] \nYou\u2019re better off knowing that you don\u2019t know than believing you know when you don\u2019t [39:06] \nTom talks about the need for people to aggressively get educated and acquire skills [43:04] \nWhat you don\u2019t know is greater than anything you do know [47:42] \nRay is extremely curious, and he loves learning about the world and then betting on it [50:24] \nWhen Ray was 12 years old, he started investing with his earnings from odd jobs [53:32] \nRay thinks the decline of the US empire will be manageable [57:11] \nRay advocates again planning for the worst-case scenario [59:57]\xa0\n\nFOLLOW RAY:\xa0\nWEBSITE: principles.com\xa0\nINSTAGRAM: https://bit.ly/2zokFsZ\xa0\nFACEBOOK: https://bit.ly/35PZHzi\xa0\nTWITTER: https://bit.ly/2YTYmGc\xa0\n\nAre You Ready for EXTRA Impact?\nIf you\u2019re ready to find true fulfillment, strengthen your focus, and ignite your true potential, the Impact Theory subscription was created just for you.\nWant to transform your health, sharpen your mindset, improve your relationship, or conquer the business world? This is your epicenter of greatness.\xa0\nThis is not for the faint of heart. This is for those who dare to learn obsessively, every day, day after day.\nSubscription Benefits:\n\nUnlock the gates to a treasure trove of wisdom from inspiring guests like Andrew Huberman, Mel Robbins, Hal Elrod, Matthew McConaughey, and many, many, more\n\nNew episodes delivered ad-free\n\nExclusive access to Tom\u2019s AMAs, keynote speeches, and suggestions from his personal reading list\n\nYou\u2019ll also get access to an 5 additional podcasts with hundreds of archived Impact Theory episodes, meticulously curated into themed playlists covering health, mindset, business, relationships, and more:\n\n\nLegendary Mindset: Mindset & Self-Improvement\n\n\nMoney Mindset: Business & Finance\n\n\nRelationship Theory: Relationships\n\n\nHealth Theory: Mental & Physical Health\n\n\nPower Ups: Weekly Doses of Short Motivational Quotes\xa0\n\nSubscribe on Apple Podcasts: https://apple.co/3PCvJaz\nSubscribe on all other platforms (Google Podcasts, Spotify, Castro, Downcast, Overcast, Pocket Casts, Podcast Addict, Podcast Republic, Podkicker, and more) : https://impacttheorynetwork.supercast.com/\n\nLearn more about your ad choices. Visit megaphone.fm/adchoices