Billionaire hedge fund manager Ray Dalio says that a revolution is coming in America because wages have stagnated and the income gap between the rich and poor is wider than ever.
Dalio, who is worth almost $17 billion dollars, warns that, “Widening income/wealth/opportunity gaps pose existential threats to the United States because these gaps are bringing about damaging domestic and international conflicts and weakening America’s condition.”
The Bridgewater Associates founder says that those who grew up middle class are earning less than their parents because wage growth compared to inflation has been stagnant since the 1980’s.
“Disparity in wealth, especially when accompanied by disparity in values, leads to increasing conflict and, in the government, that manifests itself in the form of populism of the left and populism of the right and often in revolutions of one sort or another,” Dalio writes.
Noting that the next economic downturn will cause this gulf to become painfully apparent, Dalio says the wealth gap should be treated as a “national emergency” and that the whole economic system needs to be re-engineered.
Numerous studies have shown that wealth inequality inevitably leads to civil unrest, so Dalio’s prediction is by no means an unlikely scenario.
Poll: 78% Of Americans Are Willing To Pay More For Non-China Made Products
40% won’t buy anything from China now.
A Bloomberg poll has revealed that an overwhelming majority of Americans would be willing to spend more money on products if they are manufactured outside of China, with 40% saying they simply will not buy anything made in China at all.
In addition to these findings, 55% said that they do not believe China can be trusted to fulfil its trade-deal commitment to buy more U.S. products, while 66% said they favor raising import restrictions over the pursuit of free-trade deals as a better way to boost the U.S. economy.
The findings come as President Trump announced that he now feels ‘differently’ about the trade deal he signed with China earlier this year.
”I feel differently now about that deal than I did three months ago,” Trump told reporters Tuesday.
”We will see what all happens, but it’s been a very disappointing situation. Very disappointing thing happened with China because the plague flowed in and that wasn’t supposed to happen and it could have been stopped,” Trump added.
”Once the virus came in, once the plague, as I called it, came in, I said how did they let that happen? And how come it didn’t go into other sections of China? Why did they block it from leaving Wuhan? But they didn’t block it from going to the rest of the world, including the United States. Why is that? Beijing doesn’t have it. Other places don’t have it,” he continued.
The President touted trade deals that the US has with other countries.
“People don’t realize the amount of business that we do with Canada and with Mexico is monumental. It is the biggest trade deal in the world, bigger than the deal we made with China, most people don’t know and the China deal is kicking in.” Trump said.
Earlier this month, Trump tweeted that 100 trade deals with China wouldn’t make up for the ‘plague from China’.
As I have said for a long time, dealing with China is a very expensive thing to do. We just made a great Trade Deal, the ink was barely dry, and the World was hit by the Plague from China. 100 Trade Deals wouldn’t make up the difference – and all those innocent lives lost!
— Donald J. Trump (@realDonaldTrump) May 13, 2020
Rand Paul: ‘Reopen The Economy, No More Imaginary Money’
“We have no rainy day account. We have no savings account.”
Senator Rand Paul has called for the economy to be reopened, saying that it is the only solution for recovery.
Appearing on Fox News, a bearded Paul said that Americans need to be allowed to go back to work imminently or there will “continue to be economic calamity.”
“To people [who] ask me I remind them that we have no money,” Paul urged.
“We have no rainy day account. We have no savings account. The $3 trillion that we’ve already passed out is imaginary money.” The Senator said, referring to the already staggering national debt.
“It’s being borrowed basically from China. So, the irony is we got the virus from China, and now we are going to be more dependent by borrowing more money from China.” Paul stressed.
“The only thing that recovers our economy is opening the economy.” Paul asserted.
The Senator urged that Americans need to be released from “forcible home arrest” if any recovery is going to stand a chance.
“It’s not a lack of money, it’s a lack of commerce. If you let people have commerce, if you let them trade, if you take them out from forcible home arrest, our economy will recover. But if you keep everybody under home arrest and say you cannot practice your business, you cannot sell your goods, there will continue to be economic calamity. … We don’t have any money.” Paul proclaimed.
Paul also slammed Democratic-run states for wanting to keep the economy shut down.
“All these blue state governors who don’t want to open their state, now they’re clamoring for federal money to bail them out because no state revenue is coming in. We don’t have any money.” he urged.
Elsewhere during the interview, the Senator speculated that Barack Obama criticized a GOP-led investigation into Hunter Biden because he was aware of “corruption problems” while in office.
“There’s been rumors for quite a while that people within the Obama administration knew about the corruption problems with Hunter Biden, that they warned the vice president, and maybe even the president about it.” Paul said.
“I think that there could be a smoking gun, that there’s actually a record of some of these complaints that were going on at the time,” he added.
Economic Analyst Spends Tens of Thousands of Dollars Stockpiling Food
“It’s basically an insurance policy against chaos.”
An economic analyst who predicted the 2008 financial collapse has spent tens of thousands of dollars stockpiling food as “an insurance policy against chaos” should the coronavirus outbreak cause a global economic collapse.
Jesse Colombo told local news affiliate CBS DFW that the fallout from the virus and not necessarily the virus itself posed the biggest threat to stability.
“My immediate concern is not so much getting coronavirus, it’s more so economic collapse is caused by the coronavirus outbreak,” said Colombo. “Ever since the global financial crisis hit, that was a wake up call to me that I need to be prepared,” he added.
Colombo has stockpiled a supply which could last up to 18 months if needed, including 240lbs of rice, innumerable bags of beans, 192 cans of Spam and a 40 days and 40 nights kit that contains formulas for pancakes, rolled oats, miso, superfood, green lentils, brown rice, quinoa, black beans, pinto beans, garbanzo beans and millet.
“I’ve just cleaned my local Walmart out of its supply of Vienna Sausages and DAK ham. I was definitely getting some interesting looks!” he said in a tweet.
I’ve just cleaned my local Walmart out of its supply of Vienna Sausages and DAK ham.
I was definitely getting some interesting looks! pic.twitter.com/exnmJd53Go
— Jesse Colombo (@TheBubbleBubble) March 3, 2020
Colombo also has a product that can safely filter up to 100 gallons of fresh water as well as medical kits and face masks.
The financial analyst pointed out that he had been stockpiling food for years but was increasing his supply in response to coronavirus.
As we have previously highlighted, panic buying of food and medical provisions has been taking place in numerous countries worldwide and is only expected to accelerate.
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