Dalio Says ‘Time Is on China’s Side’ in Power Struggle With U.S.
(Bloomberg) - Ray Dalio, founder of Bridgewater Associates, said China has an advantage over the US on a number of issues.
"The time is on China's side, not the side of the United States, for various developments," Dalio said Monday in a conversation with New York Times columnist Thomas Friedman at the Milken Institute's Global Conference. "What will be a difficult situation in the new government is that fate is growing on China's side and things are likely to get better."
He noted that China's economy has recovered faster than that of the US during the pandemic and that the listing of "hot" companies in Chinese stock markets is attracting capital. He also said China's higher interest rates mean the nation is in a better position "not to have to print money."
In July, Dalio warned in a LinkedIn post that tensions between the US and China could lead to armed conflict, saying there is "usually an economic war" before "a shooting war". Later that month he said the two nations could be embroiled in a “capital war” that could hurt the dollar.
He repeated these views on Monday.
"You will see the internationalization of the renminbi, which was deliberately not developed before because it poses a threat to the American world order," said Dalio, 71.
Read more: Dalio evokes parallels to World War II with a view to the clash between the US and China
This year has been a difficult year for Westport, Connecticut-based Bridgewater, the world's largest hedge fund company. The flagship fund Pure Alpha II fell 18.6% through August. The company manages approximately $ 148 billion, compared with approximately $ 160 billion at the beginning of the year.
More articles of this type can be found at bloomberg.com
Subscribe now for the most trusted business news source.
© 2020 Bloomberg L.P.
You should check here to buy the best price guaranteed products.
Steph Curry delivers Klay Thompson Warriors scrimmage takeaways
COVID cases found on Norwegian Cruise Lines ship
National civil rights attorney Ben Crump calls for a FBI investigation into the death of 25-year-old graduate student Jelani Day
Omicron means it’s time to switch to N95 masks
Match Highlights: Bahia vs. Fluminense
Kareem Abdul-Jabbar calls out LeBron for “big balls” celebration: “GOATs don’t dance”