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’t have to do this alone. This episode is brought to you by: Impact Theory University: university.impacttheory.com NETGEAR: Learn more about Orbi WiFi 6 at netgear.com/bestwifi BLUblox: Go to blublox.com/impacttheory for 15% off your order or use discount code ImpactTheory at checkout. SHOW NOTES: There’s a pattern to history, but some things only happen once in a lifetime [0:41] Ray discusses debt crises and the problem of money creation [1:29] The Federal Reserve is part of the government but outside of politics [5:38] Money is digital. So how do we know it’s going to be of value? [7:37] Ray talks about the large wealth gap and the rise of China [10:04] Look at your income, expenses and savings, and then do a stress test [12:31] Ray advocates intelligence and non-antagonism in politics [17:07] Ray discusses the success of FDR in dealing with depression and debt crisis [19:47] Ray strongly advocates for the virtues of a complete education [22:38] Tom and Ray discuss the importance of skill acquisition [27:35] You don’t need to make your decisions in your head. You can ask others. [33:56] No one is going to come to save you [36:32] You’re better off knowing that you don’t know than believing you know when you don’t [39:06] Tom talks about the need for people to aggressively get educated and acquire skills [43:04] What you don’t know is greater than anything you do know [47:42] Ray is extremely curious, and he loves learning about the world and then betting on it [50:24] When Ray was 12 years old, he started investing with his earnings from odd jobs [53:32] Ray thinks the decline of the US empire will be manageable [57:11] Ray advocates again planning for the worst-case scenario [59:57] FOLLOW RAY: WEBSITE: principles.com INSTAGRAM: https://bit.ly/2zokFsZ FACEBOOK: https://bit.ly/35PZHzi TWITTER: https://bit.ly/2YTYmGc Are You Ready for EXTRA Impact?If you’re ready to find true fulfillment, strengthen your focus, and ignite your true potential, the Impact Theory subscription was created just for you.Want to transform your health, sharpen your mindset, improve your relationship, or conquer the business world? This is your epicenter of greatness. This is not for the faint of heart. This is for those who dare to learn obsessively, every day, day after day.Subscription Benefits: Unlock the gates to a treasure trove of wisdom from inspiring guests like Andrew Huberman, Mel Robbins, Hal Elrod, Matthew McConaughey, and many, many, more New episodes delivered ad-free Exclusive access to Tom’s AMAs, keynote speeches, and suggestions from his personal reading list You’ll 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: Legendary Mindset: Mindset & Self-Improvement Money Mindset: Business & Finance Relationship Theory: Relationships Health Theory: Mental & Physical Health Power Ups: Weekly Doses of Short Motivational Quotes  Subscribe on Apple Podcasts: https://apple.co/3PCvJazSubscribe on all other platforms (Google Podcasts, Spotify, Castro, Downcast, Overcast, Pocket Casts, Podcast Addict, Podcast Republic, Podkicker, and more) : https://impacttheorynetwork.supercast.com/ Learn more about your ad choices. Visit megaphone.fm/adchoices