Dalio Identifies Five Forces Driving Markets

Ray Dalio, founder of Bridgewater Associates, told Fortune on Wednesday that five long-term forces — money and debt, domestic politics, the global order, nature and technology — have driven market cycles for 500 years. He warned that when debt outpaces income governments face harsh crises or money printing, which fuels inequality and political distrust. Dalio also said human intelligence combined with AI could become one of history's greatest inventions, echoing broader sovereign-debt concerns raised for 2026.