How The Economic Machine Works by Ray Dalio – YouTube Dictation Transcript & Vocabulary
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Interactive Transcript & Highlights for Dictation
1. How the economic machine works, in 30 minutes
2.The economy works like a simple machine
3.But many people don't understand it — or they don't agree on how it works — and this has led to a lot of needless economic suffering
4.I feel a deep sense of responsibility to share my simple but practical economic template
5.Though it's unconventional, it has helped me to anticipate and sidestep the global financial crisis, and has worked well for me for over 30 years
💡 Tap the highlighted words to see definitions and examples
Key Vocabulary (CEFR C2)
understanding
B2To grasp a concept fully and thoroughly, especially (of words, statements, art, etc.) to be aware of the meaning of and (of people) to be aware of the intent of.
Example:
"This is why understanding credit is so important because it sets into motion a mechanical, predictable series of events that will happen in the future."
described
B1To represent in words.
Example:
"It's just that simple. People, businesses, banks and governments all engage in transactions the way I just described:"
understood
B1To grasp a concept fully and thoroughly, especially (of words, statements, art, etc.) to be aware of the meaning of and (of people) to be aware of the intent of.
Example:
"and probably the least understood. It is the most important part because it is the biggest"
predictable
B2Able to be predicted.
Example:
"This is why understanding credit is so important because it sets into motion a mechanical, predictable series of events that will happen in the future."
instantly
B1At once; without delay.
Example:
"- which can be created instantly out of thin air. When the amount of spending and incomes grow faster than the production of goods:"
production
B2The act of producing, making or creating something.
Example:
"- which can be created instantly out of thin air. When the amount of spending and incomes grow faster than the production of goods:"
inclination
B2A physical tilt or bend.
Example:
"Why? Because people push it — they have an inclination to borrow and spend more instead of paying back debt."
everybody
B1All people.
Example:
"Why? Because everybody thinks things are going great! People are just focusing on what's been happening lately."
employment
B2The work or occupation for which one is used, and often paid
Example:
"which means less jobs and higher unemployment. This leads to the next step: debts must be reduced!"
desperate
B1A person in desperate circumstances or who is at the point of desperation, such as a down-and-outer, addict, etc.
Example:
"So, when credit disappears, people don't have enough money. People are desperate for money and you remember who can print money?"
| Word | CEFR | Definition |
|---|---|---|
| understanding | B2 | To grasp a concept fully and thoroughly, especially (of words, statements, art, etc.) to be aware of the meaning of and (of people) to be aware of the intent of. |
| described | B1 | To represent in words. |
| understood | B1 | To grasp a concept fully and thoroughly, especially (of words, statements, art, etc.) to be aware of the meaning of and (of people) to be aware of the intent of. |
| predictable | B2 | Able to be predicted. |
| instantly | B1 | At once; without delay. |
| production | B2 | The act of producing, making or creating something. |
| inclination | B2 | A physical tilt or bend. |
| everybody | B1 | All people. |
| employment | B2 | The work or occupation for which one is used, and often paid |
| desperate | B1 | A person in desperate circumstances or who is at the point of desperation, such as a down-and-outer, addict, etc. |
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