Billionaire hedge fund titan Ray Dalio is sounding the alarm that Donald Trump’s second stint in power is pushing America into dangerous territory, one that echoes the rise of autocratic regimes in the 1930s.In an interview with the Financial Times, the Bridgewater Associates founder likened Trump’s meddling in business, including his surprise 10% stake in Intel, to the “strong autocratic leadership” that once grew out of nations desperate to control financial and economic chaos.“I think that what is happening now politically and socially is analogous to what happened around the world in the 1930–40 period,” Dalio, whose fortune is estimated at $15.4 billion, warned.‘People are afraid to speak out’Dalio said Wall Street has fallen largely silent, not because it supports Trump’s policies, but because investors fear retaliation if they criticize him. “During such times most people are silent because they are afraid of retaliation,” he noted.Trump has openly attacked press freedoms, targeted political rivals, deployed troops to cities, and even mused that Americans might prefer living under a dictator. Dalio argued that growing wealth inequality and deep value divides have created “irreconcilable differences” in US politics, driving people to abandon faith in democracy and embrace stronger leaders.Federal Reserve in the crosshairsThe financier also raised concerns about Trump’s escalating war with the Federal Reserve. After claiming he had fired Fed governor Lisa Cook, an appointment of President Biden, Trump faces a lawsuit challenging the legality of the move. Dalio warned that if the central bank loses independence, “confidence in the Fed defending the value of money” would collapse, undermining global faith in the dollar.A rare rebuke from Wall StreetDalio isn’t alone. Even Trump ally and Shark Tank star Kevin O’Leary bristled at the Intel takeover, calling government intervention a betrayal of American capitalism. “I abhor this idea,” O’Leary said on CNBC. “What has made America so great for 200 years is the government stays in its lane, and the private sector does what it does so successfully.”For Dalio, the warning is less about partisanship and more about patterns in history repeating themselves. “I am just describing the cause and effect relationships that are driving what is happening,” he said, pointing to an unsettling reminder of how democracies can falter when fear, inequality, and unchecked power collide.