Billionaire hedge fund manager Ray Dalio says that the coronavirus will lead to a new world order
American billionaire Ray Dalio, who sits at the helm of Bridgewater Associates, believes that the coronavirus pandemic will lead to a new world order.
The real question is whether there will be ‘mutual consideration and sacrifice’ to pay for the multi-trillion-dollar stimulus bill.
A $20 trln blow to the global economy
In a recent Bloomberg interview, Dalio made a startling prediction that the global economy is set to lose $20 trln due to the pandemic. Hence, the world is going to ‘change in various ways.’
‘The world won’t resemble the world that we are used to. It’s going to change in various ways.’
There is a growing concern that ordinary Americans will bear the brunt of the coronavirus crisis while corporations will get bailouts.
As reported by U.Today, Social Capital CEO Chamath Palihapitiya had a huge viral moment after arguing that governments should allow billionaires to get ‘wiped out’ on CNBC.
Cash is still trash
During his recent Reddit AMA, Dalio reiterated that cash was trash despite the fact that the dollar appears to be the only hedge for investors. The billionaire thinks that money has no ‘intrinsic value.’
As of now, he’s putting his greenbacks to work in gold and ‘some stocks’ since he expects these assets to increase their value due to inflation.
With that being said, Dalio hasn’t been sold on BTC just yet. He believes that it’s a speculative asset that cannot fulfill any functions of money.