As of 2025, we are 80 years into the post-WWII Big Cycle. The cycle has proceeded in the classic way: US dominance (1945-1980s), credit expansion (1980-2008), MP2 transition (2008-), and now the late-stage deterioration phase. Dalio’s view: the pattern is highly recognizable but unfolding faster than most recognize because the forces are interacting simultaneously.