Ray Dalio states that capitalism does not give "the American dream"
Capitalism does not have to be destroyed, but it must be changed, the hedge fund's titanium Ray Dalio said Monday in a blowing criticism of the system.
" I'm capitalist, I'm a professional capitalist. The system has worked for me, "said Bridgewater Associates founder during a fierce debate on CNBC's" Squawk Box "." I had nothing, and then I got something through the capitalist system. "
However, he said the question is whether it is" equal opportunity for the American dream. "He said he had that chance, but for many others not.
" So I was raised with equal opportunity. I went through the public school system and had parents who took care of me. Then I was able to come in with equally good opportunities, "he added.
For many people, especially the lower 60 percent of American workers, such opportunities do not get, he said.
Part of problem Dalio quoted is the failing public school system that leads to a high degree of imprisonment. Technology is also another culprit, as it both enhances the lives of Americans, but also displaces many of them from their jobs.
At the root of the problem is an error in the system to ensure that people are not left behind.
"How has it been for income? How has it been for equal opportunity? It has been a long, long time. Is it deniable that it produces these outcomes?" He said. The result he added, "produces a terrible split in our country. "
His appearance contained a controversial back and forth whether it was capitalism itself that broke the country or it was also about a number of other obstacles such as fiscal and monetary policy.
" I honestly do not understand what we are arguing for, " said Dalio at a time. [1[ads1]9659003] Dalio has used philanthropy to contribute to inequality, while receiving subsidies to stay in Connecticut, he has also donated $ 100 million to the state, whose public education is usually ranked among the peaks in the country 2018 USA Today ratings set the state fifth.
Dalio told CNBC that it was a mistake for Bridgewater to accept the subsidy.
"I see myself as a by-product of capitalism as it also gave equal opportunity, the American dream . I was very fortunate to live the American dream by having proper care and proper public education, "he said. A number of things have changed. "
