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Core Viewpoint - The article highlights a concerning global trend of wealth stagnation and decline, with a significant drop in private net wealth and per capita wealth across various countries, including developed and emerging economies [1][2]. Group 1: Global Wealth Decline - Global private net wealth has decreased by 2.4% in recent years, with per capita wealth shrinking by 3.6%, equating to a loss of approximately $3,200 per person [1]. - Wealth erosion is not limited to developed nations like the US and Europe but also affects emerging markets, including BRICS and ASEAN countries [1]. Group 2: Debt-Fueled Growth Model - The root cause of this wealth decline is attributed to the unsustainable debt-driven growth model that has been in place since World War II, particularly under US leadership [1]. - The model relies on printing money to issue debt, which in turn fuels consumption and GDP growth, but has reached its limits as global public debt is projected to exceed $102 trillion in 2024, with the US accounting for one-third of this total [1][2]. Group 3: US Debt Expansion - The recent passage of the "Great America Act," which allows for an additional $3.4 trillion in debt, indicates a refusal by US elites to address the debt crisis responsibly [2]. - This decision to continue expanding debt is viewed as a dangerous choice for the global economy, as it could exacerbate financial instability [2]. Group 4: Debt Cycle Analysis - The article discusses the concept of debt cycles, as outlined by Ray Dalio, which consists of five stages spanning approximately 80 years [3][4]. - The current phase, characterized as the "deleveraging phase," sees different countries adopting varied approaches, with some, like the US, opting to continue accumulating debt rather than reducing it [4][6]. Group 5: Implications of US Debt Practices - The US's deviation from normal debt cycle behavior poses significant risks, particularly in terms of potential dollar devaluation, which has already seen a 10% decline this year [6][7]. - Historical patterns indicate that major dollar devaluations have occurred during times of economic crisis, and the current situation combines both proactive and reactive factors leading to a potential unprecedented devaluation of up to 50% [7][8]. Group 6: Investment Strategies - The anticipated dollar devaluation could lead to substantial declines in dollar-denominated assets, prompting a shift in investment strategies towards safer assets such as commodities and high-dividend stocks [8][9]. - The current market trend shows a preference for bank stocks due to their high dividends, reflecting a broader demand for risk-averse investments [9].