Ray Dalio Hoping to Avoid Marie Antoinette Outcome in Europe

Bridgewater founder Ray Dalio, head of the world’s largest hedge fund, spoke in code about ECB stimulus today, but his message, although dulled down from the fire and brimstone of old, came through loud and clear to certain observers. It’s not just the QE in Europe that matters, he said in a panel discussion broadcast by Bloomberg Television, but the key is tying stimulus to structural reforms. In more clearly written private letters to investors Ray Dalio had outlined why he thought stimulus in the EU could fail: it was the punishing European economic structure. Ray Dalio: ECB QE program…