The billionaire founder of the world’s largest hedge fund Bridgewater Associates, Ray Dalio, said on Twitter that he believes the U.S. is on the verge of a “terrible civil war,” though he is optimistic about the prospects of President Biden’s term.
Dalio said over the weekend that the U.S. is at an “inflection point between entering the type of hell of fighting or pulling back to work together for peace and prosperity that addresses the big wealth, values, and opportunity gaps we’re now seeing.”
Dalio characterized the current financial state of the country as terrible and its political character terribly divided.
However, the billionaire said he was “thrilled” to hear Biden’s Inaugural message pressing for unity, which he deemed “consistent with the direction history has shown the country needs to move in.”
The wildcard in the hedge fund impresario’s scenario is how Congress will act.
He said Capitol Hill needs to agree on how to grow the economy and how to divide it well, which he believes will require “revolutionary change.”
“Doing it peacefully requires both bipartisanship and skill,” Dalio wrote.
Dalio has been critical of a growing wealth gap and mounting inequalities.
The coronavirus pandemic has only served to worsen existing inequities across communities alongside a broader economic downturn.