"Bridgewater reports in its most recent big picture summary, the "beautiful deleveraging" is now far less likely.
My last shot at Dalio was in a reply to a comment from Brent in this post.
I would note the very first graph of the Bonddad post shows total HH liabilities have declined about 8% from their peak and flat lined for the last year or more (eyeball estimate). Doesn't look like a sufficient nor smooth deleveraging when compared with the HH debt to GDP declines 3 times larger (in the next slide) I stick to my story. The poor went bankrupt, the rich got richer
and the (beautiful) deleveraging is not uniform across the income distribution which bodes poorly for stabilizing aggregate demand.