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[1] To be clear, while I am describing these cycles of the past, I’m not one of those people who believe that what
happened in the past will necessarily continue into the future without understanding the cause-effect mechanics
that drive changes. My objective above all else is to have you join with me in looking at the cause-effect
relationships and then to use that understanding to explore what might be coming at us and agree on principles to
handle it in the best possible way.
[1a] For example, I have followed this approach for debt cycles because I’ve had to navigate many of them over
the last 50 years and they are the most important force driving big shifts in economies and markets. If you are