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Dalio Ponders World Order Through History’s Lens, Sees Some Hope

Ray Dalio

Ray Dalio

Photographer: Giulia Marchi/Bloomberg

Ray Dalio is turning to history in an attempt to make sense of what he says is a changing world order fueled by the confluence of high levels of indebtedness coupled with low to negative interest rates as well as yawning wealth gaps and China’s rise.

“The most recent analogous time was the period from 1930 to 1945,” he wrote, adding that while he saw an eventual downturn in the later part of the short-term debt cycle, he had not expected the trigger to be the global coronavirus outbreak. “I felt like an ant trying to understand the universe.”