“Ray Dalio’s excellent study provides an innovative way of thinking about debt crises and the policy response.”
—Ben Bernanke

“Ray Dalio’s book is must reading for anyone who aspires to prevent or manage through the next financial crisis.”
—Larry Summers

“A terrific piece of work from one of the world’s top investors who has devoted his life to understanding markets and demonstrated that understanding by navigating the 2008 financial crisis well.”
—Hank Paulson

“An outstanding history of financial crises, including the devastating crisis of 2008, with a very valuable framework for understanding why the engine of the financial system occasionally breaks down, and what types of policy actions by central banks and governments are necessary to resolve systemic financial crises. This should serve as a play book for future policy makers, with practical guidance about what to do and what not to do.”
—Tim Geithner

“Dalio’s approach, as in his investment management, is to synthesize information, and to convert a sprawling and multi-faceted issue into a clear-cut process of cause and effect. Critically, he simplifies without over-simplifying.”
—Financial Times

“New readers will find it instantly relevant to today’s market environment, with central bank action in focus, home prices falling, and doubts spreading about the rise of private investment funds. Only time will tell if we are in the midst of yet another case study for Ray Dalio’s theory of big debt crises.”
—Wall Street Journal