Daily: More on Ray Dalio and debt deflation

I wrote a blurb about Ray Dalio yesterday afternoon based on his talk at the Council on Foreign Relations. And I always enjoy Ray Dalio's perspective because the macro framework he uses is based on debt and credit stocks across business cycles as well as on demand flow within business cycles. In the past week, we have stressed this dichotomy between debt stock and credit flow through four separate posts

The Efficacy of the FOMC’s Zero Interest Rate Policy
How central banks contributed to the financial crisis
William White on Ultra Easy Monetary Policy and the Law of Unintended Consequences
The Fed, the interest income channel and net interest margins

The point time and again has been that the analysts who got it right before the financial crisis were the ones who understood that d...

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