In the City An Interview with Ray Dalio
4 snips
Apr 10, 2025 
Ray Dalio, founder of Bridgewater Associates and a renowned expert in economics and finance, chats with Francine Lacqua about the recent tumult in the markets. They dissect the implications of Trump's tariffs and highlight five forces influencing national stability. Dalio draws intriguing parallels to the 1930s, emphasizing trust in capital markets and the interdependencies between the U.S. and China. He calls for a shift in economic roles to mitigate risks and navigate the uncertain landscape ahead.
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Five Forces Shaping the Economy
- The global economy is shaped by five forces: debt, money, economic cycles, internal order and disorder, and external geopolitical order and disorder.
- These forces, combined with acts of nature and technology, drive the rise and fall of nations.
The Problem with Tariffs
- Global imbalances and interdependencies must be reduced to address economic and geopolitical risks.
- Trump's tariffs disrupted psychology and exacerbated concerns about US reliability.
Global Financial Crisis Risks
- Consider the risks of a global financial crisis similar to the one after Lehman Brothers' collapse.
- These risks are measurable and have been apparent for some time.
