After a very lengthy and almost over the top introduction, Ray Dalio dubs Paul Volcker “the greatest living American.” Paul was Chairman of the Federal Reserve under Presidents Jimmy Carter and Ronald Reagan from August 1979 to August 1987.

Ray Dalio, one of the best money managers of all time, sits down with Paul Volcker, to talk about the state of the economy and U.S. government.

China a “Clear Competitor” According to Paul Volcker

Volcker talks about China as a “clear competitor for world influence”; and, acknowledges that “it’s not the comfortable world of assumed leadership that I grew up with.”

Volcker is very concerned that the current divisive environment in the United States makes it nearly impossible to take “coherent” and “consistent” approaches to domestic and foreign policies.

Finally, the goal of Dalio’s interview is to learn about the principles that guided his incredible career. The two titans discuss the decline of civil service. Paul hopes to revitalize the field with The Volcker Alliance by working with universities and the government to train people effectively and efficiently. Furthermore, to minimize the bureaucratic hurdles that deter people from pursuing government jobs.