Dalio has become Communist China’s mouthpiece. It’s evident in words and phrases from past Communist Chinese propaganda which appear in his book. What’s worse, the quality of his work is substandard. His command of the written word is weak. Or did a representative of Communist China edit and/or co-write it? There are some nonsensical graphs. There are run-on sentences along with meandering paragraphs that read as if someone with poor English grammar helped cobble this together. And that's just the writing! Dalio's lack of research and analytical rigor is another aspect of this review.
The author’s arguments range from illogically one-sided to blatantly blind. He goes out of his way to praise China, while virtually ignoring their theft and thuggery (not to mention Dalio lacks a clear view of China’s heavy hand with its own citizens, i.e. The Great Leap Forward). In the last century, what great advancements has China offered the world? What great inventions? Why does Dalio ignore this? I have a theory. The man who built Bridgewater sold his soul to China. He has become their mouthpiece in because he wants people to pour their hard-earned cash into China. That would be a mistake.
You will lose your money.
China's finances are built on lies. It does not take a forensic accountant to see a significant part of their GDP is a pyramid scheme. They have knowingly given bad loans, built highways no one uses, and constructed tall buildings no one lives in. It’s different on the coast, yes, but go inland and you’ll see a different China. Unfortunately, there is such a ferocious drive to dominate that their government does not care about rule of law, much less basic human rights. Look at Hong Kong. Look at India. Look at Tibet. When Xi Jinping decides you are no longer useful, he will do as he pleases. The same is true with your money. If you invest in China, Xi Jinping will eventually take it.
35% of China's GDP is based on a false real estate market. Interesting how Dalio failed to look into this. Evergrande is not a new development, nor are they the only real estate boondoggle. Even surface-level research would’ve revealed this. I saw this back in 2008 with China’s biotech. Nor did Dalio give consideration to China’s fake corporations and stolen IP (which they copy, poorly, I might add). This is why Bridgewater China needs your money; the government there will eventually confiscate it. After all, someone’s got to pay for the Belt and Road Initiative. Why not steal it from foreign investors?
The worst of it is, China could be a great nation. Unfortunately, they’re stymied by their own hubris.
The nation consistently lies in a distorted effort to save face. The government silences victims of sexual assault, perpetrates brutal violence on women, and throws innocent men into concentration camps (oops! I mean re-education camps) in the Jinxiang province. Forced sterilization of women, forced marriages, billionaires disappearing for months, celebrities silenced, and money unlawfully confiscated...these are just a few of China's problems. Yet, Dalio excuses these actions, calling China a stern parent.
China wants badly to be THE world power. I believe they will increase in power on the international stage. I agree with that part of the book, but China will never be THE world power because pride goes before a fall—and Dalio is their pied piper.
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