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Hedge-fund billionaire Ray Dalio — who correctly predicted the financial crash that roiled the world in 2008 — has warned in his new book that America’s current $36 trillion debt is the country’s biggest problem.
And Dalio slammed Donald Trump’s administration for slashing federal spending and gutting the government because “many people who will be hurt by them will fight back and valuable support systems will be weakened or eliminated,” according to quotes of “How Countries Go Broke: The Big Cycle” that The Guardian published Tuesday.
Dalio, the founder of global hedge fund Bridgewater Associates, also suggested Trump’s “Make America Great Again” policies are “remarkably like the policies that those of the hard-right countries in the 1930s used.”
“It would be fair to argue that his attempts to maximize the power of the presidency by bypassing the other branches of government are analogous to the ways that Andrew Jackson (of the right) and Franklin D Roosevelt (of the left) did, though he is even more aggressive than they were,” he added. “We will see how far he will take it.”
Jemal Countess via Getty Images
Dalio last month warned how “something worse than a recession” could soon happen, attributing it to a raft of issues including Trump’s tariffs on products imported from other countries.
“We have a breaking down of the monetary order,” Dalio cautioned on NBC’s “Meet The Press.”
“Such times are very much like the 1930s,” he added. “I’ve studied history, and this repeats over and over again.”
English (US) ·