Billionaire hedge fund mogul Ray Dalio is warning that Donald Trump is pushing the U.S. into a 1930s-style autocracy.

The Bridgewater Associates founder told the FT that government meddling in business—including Trump’s acquisition of a 10 percent stake in Intel—echoed the “strong autocratic leadership that sprang out of the desire to take control of the financial and economic situation.” He said many investors are too afraid of Trump to speak out.

It comes amid a backdrop of increasingly extreme policies, Dalio said, fueled by “gaps in wealth” and “gaps in values” and a decline in trust.

“I think that what is happening now politically and socially is analogous to what happened around the world in the 1930-40 period,” Dalio, who has an estimated $15.4 billion fortune, said.

Dalio’s

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