One of the greatest living macro investors continues on his long, plodding journey to lay out his thesis on the decline of America.

His latest chapter details the rise-and-declines of the British and Dutch empires and how there were repeated phases that are mirrored in China today.

It’s a compelling vision and the timeline stretches towards a perilous decade ahead for the US dollar and Americas position in the world. He will get to that at some future point but first, there’s the histor. Read it here.