Ray Dalio attacks US populists and warns Russia as ‘lesser loser’ in Ukraine war

Ray Dalio has taken a stand against US political extremes that do not respect a rules-based system, warning that Russia is likely to be the “smaller loser” of the Ukraine war as the economic cost to the West causes NATO support to fracture.

The founder of Bridgewater Associates, the world’s largest hedge fund with approximately $150 billion in assets under management, went to linkedin on US Independence Day to provide an update on the forces he believes are shaping the world.

And he’s not happy with the way things are going in the US

“The remarkable leaders who designed the system of governance [after the 1776 declaration of independence] and putting it in the Constitution has created both a principle and a practical approach that has endured for almost 250 years,” wrote Dalio.

But now some of the essential elements needed for representative democracies to function well are being called into question, he noted, such as respect for electoral votes and Supreme Court rulings.

“As the conflict between populists on the right and populists on the left increases, more and more people tend to fight for what they want and what they think is right, rather than working their way through the rules-based system of consensus and compromise that is ours Founding represents fathers designed.”

Meanwhile, the world order is not changing for the better, Dalio implied, if the conflict in Ukraine is any guide.

If Russian President Vladimir Putin ends up controlling the eastern part of Ukraine and manages to stay on the world stage, then Russia would be a “lesser loser,” said Dalio.

Read: Russia’s Putin declares victory in eastern Ukraine’s Luhansk region

“Because the devastation in Ukraine was so much greater than in Russia, and because this will be economically costly for Ukraine and/or the countries that will pay to rebuild, it looks like the war will be even more costly to NATO countries, so this will also be a relative win for Russia,” he added.

Summing up, he said: “It appears that few countries are strongly opposed to Russia and behind NATO, and it appears that support within NATO for a war is waning because of its relatively high cost.”

The Dalio hedge fund increased its short bets against European stocks to nearly $9 billion in June. Ray Dalio attacks US populists and warns Russia as ‘lesser loser’ in Ukraine war

Brian Lowry

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