Billionaire Ray Dalio says President Donald Trump’s tariff war has helped push America close to a recession — or perhaps even “something worse.”
Billionaire Ray Dalio says President Donald Trump’s tariff war has helped push America close to a recession — or perhaps even “something worse.”
Consistent periods of shocks and recovery are much better for billionaires than simple steady growth. The latter is better on paper, but it’s also better for everyone else, which means more competition for them. During shocks they can lower everyone elses standards and increase their relative wealth by buying from desperate people.