WORLD: Today we are seeing signs of a new banking crisis, there is inflation, and at the same time the state is mobilizing new billions. Where does this lead?
Mangold: The hedge fund manager Ray Dalio speaks of the super debt cycle. Such a cycle runs between 70 and 90 years, has many sub-cycles and eventually reaches the point where the interest payments cannot be serviced again by new debt. When this critical moment is reached, the bubble bursts. And then there are two possibilities: either total inflation, because that devalues all debt. Or national bankruptcy. Then you start from scratch. The best way to prepare for this is to…
