The United States needs to change its economic system, otherwise there will be conflicts between rich and poor.
So says the guru and financial entrepreneur Ray Dalio of the Billionaire Hedge Fund.
"Capitalism needs to be reformed, it does not have to be abandoned, so like everything, like a car, everything, an airplane, a school system, everything, it has to be reformed to work better," said Dalio on CBS "60 minutes" Sunday.
"I think the American Dream is lost," said Dalio, "because the US economy is not redistributing opportunities."
Dalio said the current situation is not sustainable. "We are at a crossroads, we can do it together, or we will be in conflict with a conflict between the rich and the poor," said Dalio.
"If you look at history, if you have a group of people who have very different economic conditions and economic downturns, then you have conflicts," says Dalio. "I'm not saying that we're going to go there, I'm just saying that ̵
"Dalio, who is worth more than $ 19 billion, said he would declare income inequality a" national emergency "if he were President of the United States, and that this should be a priority for the country.
"I play probabilities and I would say that it's probably 60-40, 65-35, that [reforming capitalism] is probably going to be bad and that it would be a bad way, but I say it's not must, "said Dalio. "If we realize that it's a crisis, we can limit the probabilities a bit to get a better result."
In order to level the economy, Dalio and other ultra-wealthy people should pay more taxes, he said. "[O] In one way or another it is important to take these taxpayers' money and make them productive."
Dalio founded the hedge fund Bridgewater Associates in 1975 in his two-bedroom apartment in New York City. Today, Bridgewater manages $ 160 billion in capital and is the largest hedge fund in the world.
He's not the only billionaire to address the problem of wealth inequality: Berkshire Hathaway boss Warren Buffett and Microsoft co-founder Bill Gates have both said capitalism needs to be adjusted to better take care of everyone in the system ,
Billionaire Warren Buffett says "The real problem" of the US economy is people like him  Hedge fund billionaire Ray Dalio: "Capitalism basically does not work for the majority of people"
Bill Gates: Taxes empires should be "much higher", but capitalism still works – here is the reason why
David A. Grogan | CNBC