Ray Dalio (who founded Bridgewater Associates and has an estimated net worth of $18.1 billion) warned the (probably well-marbled) attendees of the Summit investment conference that the plutocrats will be the first eaten during the class war that will arise between the have and the have-nots during the next downturn.
In his speech this week, he cited a Federal Reserve survey statistic that 40% of U.S. households could not raise $400 in case of emergency without selling something.
“We might not have contact with those people, but that is a reality,” Dalio told the crowd, who paid thousands of dollars to sit on the Palace Theater’s velvet seats and hear him speak.
The current polarization—both politically and socially—is most analogous to the 1930s, he argued. “It has to be dealt with,” Dalio said, saying if he were running things, he’d declare the wealth gap and opportunity gap a “national emergency.”
“But I fear that probably will not be done by the next time we have a downturn, and I fear for what that conflict is going to be like.”
And in related news, Hotel’s underwater villa costs $50,000 per night.
Pass the mustard, please.