Ray Dalio: Ideas of World's Most Successful Hedge-Fund Boss

â??THE most beautiful deleveraging yet seenâ? is how Ray Dalio describes what is now going on in Americaâ??s economy. As America has gone through the necessary process of reducing its debt-to-income ratio since the financial crash of 2008, he reckons its policymakers have done well in mixing painful stuff like debt restructuring with injections of cash to keep demand growing. Europeâ??s deleveraging, by contrast, is â??uglyâ?.