Bloomberg Talks Ray Dalio Talks Fed, US Manufacturing, Tariffs and more
21 snips
Oct 7, 2025 
Ray Dalio, the founder of Bridgewater Associates and a prominent macro investor, shares his insights on today's economic landscape. He discusses the mixed signals from the Fed and suggests gold should constitute 15% of investment portfolios as a solid diversifier. Dalio explores the implications of trade imbalances, tariffs' limited benefits, and their connection to U.S. debt issues. He also compares current global cycles to historical trends, raises concerns about AI market bubbles, and highlights challenges facing China's economy.
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The Five Forces That Drive History
- Ray Dalio frames five interrelated long-term forces shaping history: the debt-money cycle, wealth/political cycles, geopolitical shifts, nature, and technology.
- He argues all major economic and political events fit into these recurring cycles and their interactions.
Trade-Capital Imbalance With China
- Dalio says US-China trade and capital flows created an unsustainable dynamic of exports funding bond purchases by China.
- He warns that geopolitical risk makes holding another country's assets problematic in conflicts.
Use Tariffs To Raise Revenue
- Dalio notes tariffs function like a tax and will generate material revenue for the US treasury.
- He implies using tariffs can partially address trade-capital imbalances but the impact is small versus the deficit.