Rising inequality is turning US into an autocratic state

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One of the world’s most prominent hedge fund billionaires has warned that rising inequality is turning the US into an autocratic state and condemned business leaders for failing to speak out against Donald Trump’s policies.

Ray Dalio, the founder of Bridgewater Associates, said “gaps in wealth” and a collapse in trust were driving “more extreme” policies in the US.

“I think that what is happening now politically and socially is analogous to what happened around the world in the 1930-40 period,” he said.

Rising inequality is turning US into an autocratic state, billionaire warns

Ray Dalio says business leaders scared to criticise Donald Trump as he warns of debt-induced crisis for the economy

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“Classically, increased wealth and value gaps lead to increased populism of the right and populism of the left and irreconcilable differences between them that can’t be resolved through the democratic process.

“So democracies weaken and more autocratic leadership increases as a large percentage of the population wants government leaders to get control of the system to make things work well for them.”