"We are basically in the fourth turning,” This is "the rough side of the long term debt cycle.” “it always feels like everything’s happening all at once.” “Sovereign debt crises tend to lead to more war and war also can lead to sovereign debt crisis." “Decades of debt building up” and “decades of laws building up” create “this entropy in the system.” “There’s usually some sort of clearing event… a pretty dangerous or challenging time” “The shields are down for all the norms people are used to,” and institut ...