Ray Dalio says, I'm worried about something worse than a recession.

Okay, Rob, if you want to play this clip and then we'll go to Jamie right afterwards.

Here's Ray Dalio.

I think that right now we are at a decision-making point and very close to a recession.

And I'm worried about something worse than a recession if this isn't handled well.

A recession is two negative quarters of GDP,

and whether it goes slightly there, we always have those things. We have something that's much more

profound. We have a breaking down of the monetary order. We are going to change the monetary order

because we cannot spend the amounts of money,

so we have that problem. And when we talk about the dollar and we talk about tariffs, we have that.

We are having profound changes in our domestic order, how ruling is existing. And we're having

profound changes in the world order. Such times are very much like the

1930s. I've studied history and this repeats over and over again. So if you take tariffs, if you

take debt, if you take the rising power, challenging existing power, if you take those factors

and look at the factors, those changes in the orders, the systems, are very, very disruptive.

Okay.

How that's handled.

So that's Ray Dalio.

So he's saying something worse than recession, which is what?

Depression, right?

Okay.

So this is Jamie Diamond.

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