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Kindle Notes & Highlights
3 most important cycles
Factors impacting the three phases of an empire
Three cycles, eight determinants
Additional dynamics
Two types of determinants
prisoner’s dilemma
Peisoner's dilemma
LONG-TERM DEBT CYCLE IN SUMMARY
The long term debt cycle
THE SIX STAGES OF THE INTERNAL CYCLE
Six stages of internal cycle
All markets are primarily driven by just four determinants: growth, inflation, risk premiums, and discount rates.
Four market determinants
when credit is created, buying power is created in exchange for a promise to pay back, so it is near-term stimulating and longer-term depressing.
fiat money (money that can be printed
Fiat money
The ways these cycles have always worked is that, in their rising phases, the amounts of financial money and financial wealth (i.e., created debt and equity assets) are increased relative to the amounts of real money
