<p>Ray Dalio analyzes the "fifth stage" and "sixth stage" within the internal cycles of a nation. According to Dalio's summary, the fifth stage is the eve of class conflict triggered by fiscal deterioration, which is of critical significance in the internal cycle of a country. The United States is currently in this stage</p>

- Ray Dalio's article "Civil War?" analyzes the critical "fifth" and "sixth" phases of internal cycles, indicating that the U.S. is currently in the fifth phase, where financial deterioration leads to class conflict.  
- He identifies a "toxic combination" of factors that can trigger significant internal conflict, including financial distress, income inequality, and severe economic shocks, warning that these conditions increase the likelihood of civil unrest.  
- Dalio emphasizes the need for strong, peaceful reformers to address these issues and prevent catastrophic collapse, urging vigilance against complacency regarding the potential for civil conflict.

Bridgewater Associates founder Ray Dalio's 10,000-word article: "Civil War?"