Paul Volcker & Ray Dalio | State of the US Economy & Government


I sat down with one of my greatest heroes, Paul Volcker, to talk about the state of the economy and U.S. government as well as learn about the principles that guided his incredible career. We also discuss the decline of civil service and how Paul hopes to revitalize the field with The Volcker Alliance by working with universities and the government to train people effectively and efficiently and minimize the bureaucratic hurdles that deter people from pursuing government jobs.

The Volcker Alliance:

Paul's book, 'Keeping at It, The Quest for Sound Money and Good Government':

Topics:  Society
Krzysztof Ostaszewski 

Infrastructure funding is such a no-brainer? Obvious tunnels under the Hudson River? Such tunnels are as obvious as a fast train from San Francisco toLos Angeles, which the federal government funded. California took the funding, cancelled the project and kept the money. This is not hard to note. And why exactly do people who note this deserve to be called names?

Ty Liu 

the divisiveness that he was referring during 11:00 is exactly what china has done right, singapore too. Meritocracy with a sustained leadership.

OrangeCola Juice 

I wonder how Ray Dalio is measuring corruption in his studies; I would love to find that out.


He obviously didn't affect anything in the last 20 years since noone is listening to him.


Ray is my hero and now I get to hear his hero truly blessed going out to buy his books

ryan border 

I'm sorry but I just cant watch after the statement that Government is a science-for most part it is a Fraud and any rational person should view it and those who participate in it with great skepticism

greg goodale 

He acts like he was against the world. It was Reagan that took the arrows and allowed the policy to move forward.

Sunny Sharma 

Great conversation.

John Augsburger 


Richard Wilhelm 

Paul is a straight shooter. I miss that.

Mr Godbeer 

Great video more of these please

Safa Safa 

USA got the most corrupt political elite which paved the way to Trump; the end of gov in USA.


That man could rand and rave a lil more :)

Alan Kurdi 

The problem with Government is that it’s been taken over by big cooperations. The senate is full of billionaires who’s best interest is not the state or the people. Greed is the main patriotism. So government isn’t the main problem it is corporate greed and individual greed.

Lyle Lott 

1982 & 2008, never let a crisis go to waste

Greiguci Wootchie 

Two legends, although president Donald J Trump is the greatest American ever.

Jeff Lombardi 

Volcker is the only fed chairman to have courage.

Natural Man 

The host asked zero questions of any substance. What about Volcker's views on the Fed propping up RE and stock prices. What about the new fake inflation calculation that excludes house prices and many other important things? What about the $22 trillion national debt? What about the globalist job shipping to China and Mexico, etc? He wasted the opportunity with a bunch of BS.

Hung Nguyen 

Ray, thank you for doing this kind of interview with truly great leaders in US and around the world as their principles will live on long after they are gone but their experiences are so valuable lessons to be learned.

James Shields 

I love the wisdom they are desperately trying to pass on to the next generation (my generation). We need more effective government. Not SOCIALISM and bureaucracy. Otherwise, china will overtake the US as a world power and we will become a relic of the past, like Europe.

Gregory Holmes 

this video is talking directly to Jay Powell and all the other fed chairman.

Jorge Gomez 

No banker can be the greatest american.

Natural Man 

They "fixed" the inflation calculation, not inflation itself. Inflation goes on in house prices, etc which among many other things were taken out of the inflation calculation. Inflation has been slowly destroying our standard of living for over 30 years.

Tom Schneider 

As much as I value Ray Dalio’s knowledge and successful career as a investor that truly understands global markets, it’s not obvious to me that he is also a great interviewer. Volcker has a clear mind even at old age, but we all need guidance and precise follow up questions, otherwise we just keep on rambling on and on.

It’s interesting to listen to Volcker but ultimately a missed opportunity to get to the pressing issues of today and how he would have approached them as A decision maker.


Why don't you say that FBI and CIA should investigate government corruption and collusion to save this nation ?


Let Germany and Nordic European Countries and Aryan race run USA and Europe so people and the world can be saved......but without their excessive feminism and liberalism and gayism model!!


If the true test of Gov is the ability to do something efficiently.........As Hamilton said.......Then USA if it wants to save its itself from calamity of Social security, Medicare and healthcare costs.....should SWALLOW its pride and learn from Germany and copy its model efficiency!!! I speak from personal experience!

Mighty Sore 

He sounds so smart, he must know better than a free market.


Definitely gonna have to watch this at 1.5x speed

Lester Liu 

POOR management of government, thats basically what he said about your country. its about poor public management and private interest capturing the government in recent decades has finally lead to this financial mess in US today. He and Ray put it in such innocuous carefree manner yet the deduction is grave.

Jonathan Perez 

What an obscene waste of everybody's time this interview is

Elbert Basa 

Run for President please

Josh Fischer 

Big Government, out of touch dinosaurs yearning for the "good old days" when the people just took whatever crap the government shoved down our throats. We used to have gold and silver in our pockets, now we have worthless fiat digits on a screen. We used to have liberty and freedom, now we have socialism. Count the number of times they use the word "democracy" with no mention of a republic. Wake up people.

bill w 



"Government is not the solution to our problem government IS the problem" Ronald Reagan.

tenningale ... 

Dalio is turning 70 and looks really young in this video lol

Stock Market Investing 

AMAZING interview. Thank you so much for this. INCREDIBLE!

Syncme Android 

@22:12 most interesting part of the video, how Volker defeated inflation at the end of the 70s


31:38 Mrs Merkel did a great job? And Lee Kuan Yew comes 2nd to his mind??

The first leader destructs everything that worked fine, the other constructs everything out of nothing. Both are great? Was Nero burning Rome a great leader? Does he see Merkel as a a Schumpeter force of creative destruction? Ray changes quickly away from Merkel (well done).

Soltzbiz Soltzbiz 

Dalio 2020

sivan ferna 

0:13 what happens when you stay in your own industry bubble, doesn't come close to bill gates, steve jobs, elon musk, etc.

Tony Linardi 

Ray you are the man!! Society needs to listen to you!

Abel Damaj 

You are helpful to the fullest Mr. Dalio!


The irony of capitalists calling for bigger government, just Not saying I disagree. Why pay all the outsource middlemen when you can just do it yourself.

Mitkovski Philosophy 

My greatest hero is dead.

Gustavo Vidal 

True, only solution I see is to create a pararrell administration, more efficient , guided by meritocracy, which will gradually substitute the current status quo in the politicall system

omkar dubey 

Mr. Dalio, I read your book -principles, did you read atlas shrugged and Milton Friedman 's capitalism and freedom, what effect those books had on you, your life , your decisions,about govt, economy, people, etc, thanks sir. 👍👍👍👍🙏🙏🙏


Hero overload. Two personal finance heroes in the same video!


In short, Trump's a bit of a tit.

L G 

Definitely Fantastic - We're all very lucky he was able to record this.