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T&Cs: New customer offer. Then we will turn to China.The table below provides a list of all the key countries that closed their markets during WWII to give you an idea of how these things go.The market movements during the hot war years were heavily affected by both government controls and how countries did in battles as the odds of wins and losses changed.  The table below shows the controls over markets and capital flows that were put in place by country during the war years. To help to convey the picture in the 1930s, I will quickly run though some geopolitical highlights of what happened from 1930 until the official start of the war in Europe in 1939 and the bombing of Pearl Harbor in 1941.  Then I will quickly move through the war and come to 1945 when the new world order began.  I will then look at where this world order has brought us up until now.  While these stories are interesting in and of themselves, they are most important to understand because of the lessons they provide for thinking about what is now happening and what’s ahead.  Because the United States and China are now in an economic war that could conceivably evolve into a shooting war, and I’ve never experienced an economic war, I studied a number of past ones to learn what they are like.  That taught me a bit about economic warfare, helped me better understand what is happening now, and made me aware of possibilities that I hadn’t previously considered.  Comparisons between the 1930s leading to World War II and today, especially with regard to economic sanctions, are especially interesting and helpful in considering what might be ahead.  For that reason, I delve into the story of this period in a bit more detail than you might care to read.  If you find that to be the case, just read the bold for the highlights.      Let’s now drop down from the 40,000-foot level to the 20,000-foot level and pick up our story in 1930 so we can see how the United States evolved to become the dominant world power.  While we focus predominantly on the US story, the linkages between economic conditions and political conditions within the United States and between the United States and other countries—most importantly with the UK, Germany, and Japan in the 1930s, with the Soviet Union and Japan from around 1950 until 1990, and with China from around 1980 until now—must be understood because economics and geopolitics within and between countries were and always are intertwined. The debt problems in the US were ruinous for American banks, which curtailed their lending around the world, hurting international borrowers.  At the same time the depression created weak demand, which led to the collapse in US imports and other countries’ sales to the US.  As their incomes weakened their demand fell and more credit problems occurred in a self-reinforcing downward economic spiral.  At the same time the US turned protectionist to safeguard jobs, so it raised tariffs (via the passage of the Smoot-Hawley Tariff Act) in 1930, which further depressed economic conditions in other countries.  While Japan didn’t have a widely recognized plan to win the war, it appears that those Japanese leaders who were optimistic planned to destroy the US Pacific Fleet and believed that the US would lose because it was fighting a war on two fronts (Europe and Asia) and because its individualistic/capitalist political system was inferior to Japan’s and Germany’s authoritarian, fascist systems and their command military-industrial complexes.  They also believed that they had the greater willingness to endure pain and die for their country, which is a big driver of which side wins.  Ray Dalio's ongoing flow of research and perspectives about the economy, markets, life and work.Bridgewater research utilizes data and information from public, private and internal sources, including data from actual Bridgewater trades.  Sources include the Australian Bureau of Statistics, Bloomberg Finance L.P., Capital Economics, CBRE, Inc., CEIC Data Company Ltd., Consensus Economics Inc., Corelogic, Inc., CoStar Realty Information, Inc., CreditSights, Inc., Dealogic LLC, DTCC Data Repository (U.S.), LLC, Ecoanalitica, EPFR Global, Eurasia Group Ltd., European Money Markets Institute – EMMI, Evercore ISI, Factset Research Systems, Inc., The Financial Times Limited, GaveKal Research Ltd., Global Financial Data, Inc., Haver Analytics, Inc., ICE Data Derivatives, IHSMarkit, The Investment Funds Institute of Canada, International Energy Agency, Lombard Street Research, Mergent, Inc., Metals Focus Ltd, Moody’s Analytics, Inc., MSCI, Inc., National Bureau of Economic Research, Organisation for Economic Cooperation and Development, Pensions & Investments Research Center, Renwood Realtytrac, LLC, Rystad Energy, Inc., S&P Global Market Intelligence Inc., Sentix Gmbh, Spears & Associates, Inc., State Street Bank and Trust Company, Sun Hung Kai Financial (UK), Refinitiv, Totem Macro, United Nations, US Department of Commerce, Wind Information (Shanghai) Co Ltd, Wood Mackenzie Limited, World Bureau of Metal Statistics, and World Economic Forum.  While we consider information from external sources to be reliable, we do not assume responsibility for its accuracy.Bridgewater Daily Observations is prepared by and is the property of Bridgewater Associates, LP and is circulated for informational and educational purposes only.  There is no consideration given to the specific investment needs, objectives or tolerances of any of the recipients.  Additionally, Bridgewater's actual investment positions may, and often will, vary from its conclusions discussed herein based on any number of factors, such as client investment restrictions, portfolio rebalancing and transactions costs, among others.  Recipients should consult their own advisors, including tax advisors, before making any investment decision.  This report is not an offer to sell or the solicitation of an offer to buy the securities or other instruments mentioned. Summary.



Winston, obviously, knows the significance of his act; nothing will ever be the same for him.Orwell alerts the reader's senses of anticipation and dread in his depiction of the bureaucracy and political structure of Oceania: "The Ministry of Truth," which rewrites history to suit the occasion; "The Ministry of Peace," which functions to wage war; "The Ministry of Love," which maintains law and order and is "the really frightening one"; and the "Ministry of Plenty" coupled with the Thought Police, two minute hate sessions, and antithetical national slogans (War Is Peace, Freedom Is Slavery, and Ignorance Is Strength).Are you sure you want to remove #bookConfirmation#and any corresponding bookmarks? All rights reserved.As Winston begins writing in the diary, he commits his first overt act of rebellion against the Party; he creates a piece of evidence that exists outside himself.

Election day finally arrives; C.J.