Billionaire hedge fund boss Ray Dalio has a dire warning about President Donald Trump .

Dalio, the founder of Bridgewater Associates, told the Financial Times in an interview released early Tuesday that the United States is moving toward autocratic-style politics, pointing to how a decline in trust, “gaps in wealth” and “gaps in values” are pushing “more extreme” policies.

“What is happening now politically and socially is analogous to what happened around the world in the 1930-40 period,” Dalio said.

Dalio pointed to the Trump administration’s acquisition of a 10% stake in U.S. chipmaker Intel, which was announced in a historic deal last month, likening the move to “strong autocratic leadership that sprang out of the desire to take control of the financial and economic situation.

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