A Billionaire Hedge Fund Manager Predicts the Future — and What He Sees Is Concerning

The Russia-Ukraine war has opened up questions about America’s role in global affairs and how the balance of power will reshuffle. These questions aren’t new; the discussion of the end of American dominance and the rise of new powers like China has captivated political and economic discourse. It is also the subject of Ray Dalio’s latest book, “Principles for Dealing With the Changing World Order.”In this conversation, Kara Swisher asks Dalio, the billionaire behind the world’s largest hedge fund, Bridgewater, to explain his theory behind the rise and decline of empires. They talk about China’s rise and whether he is — as one Wall Street Journal article dubbed him — “in thrall to Beijing.” And they discuss how American competitiveness will shake out as the nation faces potential stagflation in addition to polarization, inequality and a new, Gen Z approach to work.You can find transcripts (posted midday) and more information for all episodes at nytimes.com/sway, and you can find Kara on Twitter @karaswisher. Subscribe today at nytimes.com/podcasts or on Apple Podcasts and Spotify. You can also subscribe via your favorite podcast app here https://www.nytimes.com/activate-access/audio?source=podcatcher. For more podcasts and narrated articles, download The New York Times app at nytimes.com/app. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.