https://amgreatness.com/2024/05/18/unpacking-ray-dalios-alarmist-prediction-of-civil-war/
The other day, Ray Dalio, the billionaire investor and founder of Bridgewater Associates, told The Financial Times that he sees the risk of a second American civil war as “growing” and places the odds of such a war at “35-40 percent.” According to FT, Dalio’s “research” has led him to conclude that “we are now on the brink,” although we “don’t yet know if we will cross over into much more turbulent times.”
On the one hand, it’s important to remember that Dalio is nearly universally known as a world-class crank. He’s made a lot of money in the markets and has long been considered an astute investor, but he has also long been considered an odd duck, to put it gently. Additionally, the idea that this proclamation and setting of odds are based on “research” is silly. There are no variables one can examine and analyze and then use to calculate an objective estimate of a civil war’s occurrence. To pretend otherwise is… well… perfectly Dalio-esque.
On the other hand, Dalio is hardly alone in his belief that tough times are imminent. Virtually the entirety of the ruling class seems to believe that the zeitgeist of the moment is characterized by anger, hatred, and the expectation of confrontation between political adversaries. Hollywood is busy making movies about a potential Civil War. Political magazines are warning that totalitarianism looms just over the electoral horizon. And even the President of the United States is releasing videos that sound more like pre-fight smack talk than political posturing. In short, Ray Dalio is hardly the first major public figure to express his fear/hope that the nation is “on the brink.”
Ironically, the part of this story Dalio and his fellow elites are missing is that in which they’re the cause of the turmoil that currently plagues the United States, or, at the very least, are exacerbating that turmoil and aggravating the people’s frustrations.
Consider, for example, the description Dalio gives of one of the primary causes of this possible civil war:
This election would be a test of ‘can democracy work well? Will there be an acceptance of the rules and an ability to work well under those rules?’ he said.
[Republican candidate Donald] Trump will follow more rightist, nationalistic, isolationist, protectionist, non-regulatory policies — and more aggressive policies to fight enemies internally and externally, including political enemies. [President Joe] Biden, and even more so the Democratic party without Biden, will be more the opposite….
Ah, I see. It’s all Donald Trump’s fault. Strangely, Dalio doesn’t address the almost inarguable fact that Donald Trump is a symptom of this nation’s political dysfunction rather than the cause of it.