Ray Dalio, one of the world's richest hedge fund managers, fears that the weak economy could have disastrous social consequences. Specifically, he's worried about the possibility of a tyrant like Adolf Hitler rising to power.
"When people get at each other's throat, the rich and the poor and the left and the right and so on, and you have a basic breakdown, that becomes very threatening," Dalio, who founded Bridgewater Associates, where he remains co-chief investment officer, told CNBC anchor Andrew Ross Sorkin in an interview aired on Friday.
"For example, Hitler came to power in 1933, which was the depth of the Great Depression because of the social tension between the factions."
Dalio warned that "another leg down in the economies" could cause "social disruptions," but did note that citizens can prevent the rise of another Hitler if they "work through this together."
Dalio, who is worth an estimated $10 billion, is not the only financier worried about social unrest. George Soros, another billionaire who made his fortune in the hedge fund industry, has repeatedly warned of the possibility of social unrest as governments around the world slash spending even as unemployment remains high.
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"When people get at each other's throat, the rich and the poor and the left and the right and so on, and you have a basic breakdown, that becomes very threatening," Dalio, who founded Bridgewater Associates, where he remains co-chief investment officer, told CNBC anchor Andrew Ross Sorkin in an interview aired on Friday.
"For example, Hitler came to power in 1933, which was the depth of the Great Depression because of the social tension between the factions."
Dalio warned that "another leg down in the economies" could cause "social disruptions," but did note that citizens can prevent the rise of another Hitler if they "work through this together."
Dalio, who is worth an estimated $10 billion, is not the only financier worried about social unrest. George Soros, another billionaire who made his fortune in the hedge fund industry, has repeatedly warned of the possibility of social unrest as governments around the world slash spending even as unemployment remains high.
Source
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