"Due to time constraints, it would be impossible to cover much in this press conference. We can't even go through the entire framework from beginning to end, so we'll draw lots. We'll flip through the book at random and discuss whichever page we land on." Song He said, "We'll only cover the basics. For the deeper details, you can buy the book."
Xiang Xiaotong reached out and pulled a book from the towering bookcase. She casually flipped it open. "Book two, page 66!"
Song He clearly remembered the contents of every page. Without even looking at it, he began to speak.
"There are two old sayings. One is, 'Three cycles of poverty and three cycles of wealth won't last a lifetime.' It means that people often go through repeated changes between poverty and wealth, and before their lives are over, almost everyone's fortunes will have risen and fallen several times. The other is, 'Wealth doesn't last three generations.' The wealth of the vast majority of rich families is difficult to pass down for more than three generations."
"What principle lies behind these two sayings? They correspond to the short-term debt cycle and the long-term debt cycle."
"Debt cycles began in ancient times. Every region of the world follows highly consistent debt-cycle patterns, with shared characteristics."
"A short-term debt cycle usually lasts eight years, while a long-term debt cycle lasts fifty to one hundred years. Successive short-term debt cycles together form a long-term debt cycle, while two or three long-term debt cycles span the rise and fall of an empire."
"As the name suggests, a cycle has a process of ups and downs. Like a parabola, it has a rising phase, a peak, and a falling phase, repeating over and over."
"Show them the picture." Song He turned to look at