Dalio Warns of Capital War Risk as Investors Ditch US Assets

Ray Dalio, founder of Bridgewater Associates, said January 22, 2026, that global central banks are accelerating diversification away from US assets, driving gold prices up 67% as they seek alternatives to fiat currencies, particularly the dollar. The hedge fund veteran highlighted a brewing "capital war," warning that military actions would have severe market implications. Danish pension fund AkademikerPension plans to exit US Treasuries by January 31, citing credit risks, while UBS Group AG (UBS) CEO Sergio Ermotti called weaponizing US debt holdings a "dangerous bet." Dalio's comments follow US President Donald Trump's threats to acquire Greenland, which have intensified transatlantic tensions. The 76-year-old investor, who fully exited Bridgewater last year, spoke at the Davos forum.