Ray Dalio Slams Trump's Leadership Style In New Book, Likens It To 1930s Far-Right Regimes: '...He Is Even More Aggressive Than They Were'

In his upcoming book, billionaire investor Ray Dalio has compared President Donald Trump‘s policies to those of far-right regimes in the 1930s.

What Happened: Dalio, the founder of investment firm Bridgewater Associates, has authored a new book titled “How Countries Go Broke: The Big Cycle,” which is set to release on June 3. In the book, he criticizes Trump's efforts to expand executive power, comparing his approach to that of a CEO operating without a board and notes that Trump has bypassed other branches of government more aggressively than even Andrew Jackson or Franklin D. Roosevelt, reported  The Guardian, which obtained a copy of the book.

“..though he is even more aggressive than they were,” wrote Dalio.

The book explores the issue of national debt and examines Trump’s challenges to democratic norms. Dalio states, "When I say that the policies President Trump is using to ‘make America great again' are remarkably like the policies that those of the hard-right countries in the 1930s used, that should not be controversial."

The hedge fund manager observes that during times of conflict, aggressive leaders often suppress opposition, alter laws to gain extraordinary powers and take control of the media to spread pro-government propaganda.

"Is Donald Trump a demagogue?" Ray Dalio asks, as he criticizes the leader for resorting to populist measures to maintain his mass appeal rather than a rational way of thinking.

He points to the U.S. government’s debt—now exceeding $36 trillion—as the nation's most pressing issue and shares guidance on how individuals can shield themselves from its potential impact. Dalio criticizes the Trump administration's cost-cutting strategies, warning they could lead to harmful consequences.

SEE ALSO: ‘The Money Is Meaningless At This Point,’ Says A 31-Year-Old Hedge Fund Professional Still Working 7 Days A Week

Why It Matters: Dalio has been vocal about his concerns regarding the increasing U.S. government debt. He warned that the risks of mounting U.S. government debt were far greater than the credit rating agencies were conveying.

Last week, Dalio urged investors to “be afraid of the bond market,” arguing that the United States is entering a “very, very serious” debt spiral that could spark a funding crisis within three years.

Earlier in April 2025, Dalio expressed concerns about a potential recession despite President Donald Trump pausing reciprocal tariffs. He also stressed that broader financial, political, and geopolitical issues are of greater concern.

In his book, Dalio says Trump’s policies focus on empowering the most productive individuals, but cautions that managing a struggling country amid democratic decline is challenging. He advises monitoring the well-being of the bottom 60% of the population.

• READ MORE: Steve Jobs Wasn’t Happy Unless Things Were ‘Insanely Great’ And That’s Why This Tech CEO Is Passionate About Moving ‘Mental Boundaries’ That Withhold Perfection

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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.