Billionaire Ray Dalio: ‘I’m worried about something worse than a recession’

Key Points

* Bridgewater founder Ray Dalio said on Sunday that he’s concerned that the global monetary system will break down.
* President Donald Trump’s tariff policies and growing U.S. debt are contributing to a new unilateral world order, Dalio said.
* Dalio said the fallout from turmoil in bonds could be a more severe shock to the monetary system than the 2008 financial crisis.

Bridgewater founder [Ray Dalio](https://www.cnbc.com/ray-dalio/) said on Sunday that he is worried that the turmoil resulting from [President Donald Trump’s](https://www.cnbc.com/donald-trump/) tariff and economic [policies](https://www.cnbc.com/2025/04/13/trump-commerce-chief-says-not-like-a-permanent-sort-of-exemption-for-phones-computers.html) will threaten the global economy.

“Right now we are at a decision-making point and very close to a recession,” Dalio said on NBC News’ “Meet the Press.” “And I’m worried about something worse than a recession if this isn’t handled well.”

The hedge fund billionaire said he’s more concerned about trade disruptions, mounting U.S. debt and emerging world powers bringing down the international economic and geopolitical structure that has been in place since the end of World War II.

“We are going from multilateralism, which is largely an American world order type of thing, to a unilateral world order in which there’s great conflict,” he said.

[https://www.cnbc.com/2025/04/13/billionaire-ray-dalio-im-worried-about-something-worse-than-a-recession.html](https://www.cnbc.com/2025/04/13/billionaire-ray-dalio-im-worried-about-something-worse-than-a-recession.html)