Ray Dalio, founder of Bridgewater Associates, warned that the US is nearing a recession and risks something “much worse” if current economic and geopolitical pressures are mismanaged.

Ray Dalio, the founder of the hedge fund Bridgewater Associates, warned in an interview on NBC News’ “Meet the Press” about tariffs, growing debt and other economic and political concerns.

The very value of money is at stake, Dalio said. A breakdown in the bond market, combined with events like internal and international conflict, could be an even more severe shock to the monetary system than President Richard Nixon's cancellation of the gold standard in 1971 and the global financial crisis in 2008.