Ray Dalio, the Co-Chief Investment Officer of the world's largest hedge fund Bridgewater, has stated that a new economic disaster is waiting to happen, APA reports citing CNBC.
The 72-year old billionaire warned that the United States is at risk of war with China and the resulting economic disaster could be terrible.
“I think we’re at risk of a war with China. Largely due to misunderstandings,” Dalio was quoted as saying by CNBC.
Dalio has spoken about the potential risk of war between the US and China earlier as well. Dalio had written in his newest book, Principles for Dealing with the Changing World Order, that America’s attempt to change China’s culture to become “more American” could result in potential conflict. The relationship between US and China has been at a multi-decade low in recent years, with tensions escalating into a trade war since 2018.
The trade war resulted in companies and consumers being affected adversely. A Moody’s analytics study had found that the trade war between the two countries had cost the US at least 300,000 jobs in 2018 alone. The US companies suffered $1.7-trillion losses in market capitalisation, according to a Federal Reserve Bank of New York study.
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