Les dépêches vendredi 18. Stabilisation économique à un bas niveau.

A lire Ray Dialo: Le système ne fonctionne plus.

Il y a :

un problème de cycle monétaire et de crédit,

un problème d’écart de richesse et de valeurs, et

un problème de géopolitique, une grande puissance émergente remet en cause le pouvoir dominant existant.

Ce qui se passe, c’est un ralentissement économique associé à un important déficit de richesse et à la montée en puissance de la Chine qui défie la puissance actuelle des États-Unis.

Ray Dalio certainly is no radical idealist, but in his frequent writings and media appearances the veteran investor consistently calls for Americans to rewrite their longstanding contract with capitalism so that it is fairer and more generous to more people.

Otherwise, he predicts, life in the U.S. could become more difficult: mountainous debt that stunts economic growth; fewer opportunities for ordinary citizens to get ahead financially; and a worldwide lack of trust in the U.S. dollar that diminishes Americans’ purchasing power and could lower their standard of living.

Dalio is the founder of Bridgewater Associates, the world’s largest hedge-fund firm, which has made him a billionaire. So it’s not surprising that he champions capitalism as a proven way to expand economic growth and living standards.

“Capitalism and capitalists are good at increasing and producing productivity to increase the size of the economic pie,” he says.

Then Dalio stands this tenet on its head. Capitalists don’t divide the economic pie very well, he says, and so today the capitalist system, the foundation of the U.S. economy, is not working efficiently and effectively enough for all.

“Capitalism also produces large wealth gaps that produce opportunity gaps, which threaten the system,” Dalio says — a system that has been and still is key to the health and success of U.S. business, workers, government and investors alike.

Unless the U.S. takes steps to make systemic repairs designed to provide greater opportunity for more Americans to achieve personal growth and financial security, the consequences likely will be painful for the country, as Dalio explains in this recent telephone interview, which has been edited for length and clarity:

MarketWatch: You have written and spoken about three big domestic and international problems facing the U.S. over the next five to 10 years and how a failure to address these challenges could threaten America’s standing in the world. What are these three pressing problems?

Ray Dalio: I look at it mechanically, like a doctor looking at a disease. If asked what is the issue here, I would say that it is a certain type of disease that has certain patterns which are timeless and universal, and the United States is broadly following that progression.

There are three problems that are coming together, so it’s important to understand them individually and how they collectively make a bigger problem.

La suite:

[MarketWatch] Billionaire investor Ray Dalio on capitalism’s crisis: The world is going to change ‘in shocking ways’ in the next five years

Les dépêches

[Reuters] Asia defies Wall Street weakness but economy, election worries cap gains

[Reuters] Oil eases as U.S. production returns after storm

[MarketWatch] Billionaire investor Ray Dalio on capitalism’s crisis: The world is going to change ‘in shocking ways’ in the next five years

[NPR] ‘A Very Serious Situation’: WHO Says Coronavirus Cases Are Rising In Europe Again

[Reuters] China begins military drills as senior U.S. official visits Taiwan

[FT] Investors vent their frustration over Fed’s balance sheet inertia

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