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Bridgewater Associates founder Ray Dalio winked at the end of last week. As the leader of the largest hedge fund in the world, Dalio would have a net worth of $ 18.4 billion, according to Forbes. And yet, the billionaire said on "60 Minutes" and on LinkedIn that current levels of inequality are "a national emergency," adding that "the American dream is lost".
Anand Giridharadas, an editor of Time and author of "Winners Take All," is a man who has a pissed ear when a billionaire starts talking about the state of the country. He has become one of the most prominent critics of the American elite since the publication of his book last August and, in January, he told Business Insider that "we are all passengers. a billionaire hijacking "of the United States.
Giridharadas said Monday that Dalio could join the debate on inequality, but would need to "become a traitor to his class" if he wants to see real change. The heart of Giridharadas' argument regarding the direction that the United States should take is that America has become too dependent on elites (even those with the best intentions) to solve structural problems. Giridharadas sent Business Insider the following:
"What Ray Dalio needs to understand, what his class members have so much trouble understanding, is that his class has too much money, because it 's because". it also has too much power, power in Washington, power in an under-regulated, regulated economy, power exercised through great philanthropy, power lubricated by a cultural narrative that divides wealth and marginalizes democratic solutions, although others, who have been striving to narrow the gap for decades, never get this type of platform. "
In his interview for "60 minutes," Dalio said that "of course" the rich need to be taxed more, and that the concept of tax cuts the rich to increase productivity "has no meaning for me ". He also noted that political leadership is the only way to significantly change inequalities in wealth, income and opportunity.
In anticipation of the "60 Minutes" interview, Dalio announced that he and his wife were donating $ 100 million to underserved public schools in Connecticut. Giridharadas also had ideas on this subject:
"It's good to give money to Connecticut." But Dalio's personal preferences should have no influence on how the money is spent – that's the problem of the model. public-private partnership that he venerates: that puts a wealthy guy and the state of Connecticut on an equal footing to negotiate a plan to improve overall well-being.Why? would not ask an arsonist to lead the fire brigade, and you should not ask those who have benefited the most from a rigged system to lose a real reform, carry out the reform of the system " .
Giridharadas said that for all people in positions of power, whether it is individual philanthropists or business leaders, doing good must also consist of reducing the harm done.
In his book "Winners Take All," he states that when we turn to corporations and the rich to repair society, our system has failed and requires policy changes rather than philanthropic toads or "conscious capitalism."
And in recent months, Giridharadas has put a lot of emphasis on Howard Schultz, the former CEO of the billionaire Starbucks, who flirts with the idea of running for president of the centrist Democratic party. Unlike Dalio, Schultz rejected the idea of a significant increase in the taxes of the rich. As for elites who do not want to make radical changes to the US economy, "these guys, honestly, ask, beggingto be overthrown and they have to wake up just when they are, "Giridharadas said in January after talking about Schultz and fellow billionaire Michael Bloomberg.
It's actually a point on which Dalio agrees with Giridharadas on the fact that if capitalism remains unreformed in America longer, there will be some form of revolt.
When asked if it was necessary to have billionaires asking for similar solutions to the company, even as he hoped their power would diminish, Giridharadas said that he was not the only one in the world. he wanted to dialogue with Dalio or any other grateful person to change. For Giridharadas, the key word is "dialogue": a billionaire is willing to take a step back and "live like a person in an ocean of equals, his voice being neither more nor less important than that of anyone".
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