Ray Dalio Warns ‘Something Worse Than a Recession’ Looms, Saying America ‘Has a Debt Issue’ and Is ‘In a Period Very Much Like the 1930s’

Ray Dalio warns the U.S. is entering a dangerously unstable era reminiscent of the 1930s, citing ballooning debt, Trump’s disruptive tariffs, and a fractured global order as signs that something worse than a recession may be looming.