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Man and machine 投资人与经济机器 The economic ideas of the world s most successfulhedge-fund boss; 世界最成功的对冲基金经理的经济思想; The most beautiful deleveraging yet seen is howRay Dalio describes what is now going on inAmerica s economy. As America has gone throughthe necessary process of reducing itsdebt-to-income ratio since the financial crash of2008, he reckons its policymakers have done well inmixing painful stuff like debt restructuring with injections of cash to keep demand growing.Europe s deleveraging, by contrast, is ugly. 这是我所见过的最美丽的去杠杆化Ray Daio如此描述美国的经济现状。2008年经济危机以来，美国经历了为降低负债收入比而必须的的过程，他认为美国的政策制定者们在均衡棘手事务如债务重调和资金注入从而保持需求的持续上升方面做得可圈可点。相比之下，欧洲的去杠杆化显得丑陋不堪。 Mr Dalio s views are taken seriously. He made a fortune betting before the crash that theworld had taken on too much debt and would need to slash it. Last year alone, hisBridgewater Pure Alpha fund earned its investors 13.8 billion Dollor, taking its total gainssince it opened in 1975 to 35.8 billion Dollor, more than any other hedge fund ever, includingthe previous record-holder, George Soros s Quantum Endowment Fund. | 
