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John Mauldin final letter of the six-part series of reply to Ray Dalio’s essays

the existential problems we are talking about (and neither of us use the word “existential” lightly) will resolve themselves in a highly tumultuous manner if we as a society don’t face them directly and soon. 

Total federal debt is now $22.5 trillion plus another $3 trillion of state and local debt. 

Annual deficits are running at an average of $1.2 trillion and growing. 

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