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Ray Dalio keeps finding scary new ways to warn about mounting US debt
Ray Dalio keeps finding new ways of talking about America's mounting debt problem. The billionaire investor told a podcast that ignoring it was like "being on a boat headed to rocks." He previously compared rising debt to an "aggressive cancer." Ray Dalio fears America is headed for a debt crisis — and keeps finding ever-more colorful ways to warn people about it. Shop Top Mortgage Rates Personalized rates in minutes A quicker path to financial freedom Your Path to Homeownership The US debt has roughly tripled over the past 20 years to around $37 trillion, and annual interest payments now stand at around $1 trillion. On an episode of the "Modern Wisdom" podcast released this week, Dalio said that America's debt headache is "like being on a boat headed to rocks." Even though the politicians can see the danger, he said, they're "arguing about how to turn" as they're worried about angering voters by raising taxes or cutting benefits. He summed up his frustration with the status quo: "So, politics." The billionaire founder of Bridgewater Associates has been warning of the dangers of debt since at least 2018, when he published "Principles for Navigating Big Debt Crises." In the book, he argued that large amounts of borrowing inflate a bubble, which is followed by a contraction once the debts become unpayable. Pointing to the financial crisis a decade earlier and other past debacles, he argued that a debt cycle follows a predictable progression like a "disease." In late 2022, Dalio told the Greenwich Economic Forum that debt, political division, and foreign wars were a "perfect storm" facing the country. In February this year, he said that "debt accumulates like plaque" in a financial system and could result in a "heart attack" for the US economy in the form of the central government and central bank going broke. Dalio wrote in his latest book, "How Countries Go Broke," that "debt problems spread very quickly, like an aggressive cancer." He also said that the US debt is close to triggering a death spiral in which the government needs to borrow more to cover the interest on its debt, and interest rates rise as holding US dollars and Treasurys becomes riskier. Many economists have warned that the government's interest payments could grow so large that it would have to raise taxes or cut social services just to service its debt. Read the original article on Business Insider Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
6 minutes ago
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Swiss president rushes to US to avert steep tariffs
Switzerland's president was in Washington on Tuesday in a last-minute push to stop steep new tariffs, but with no appointment to plead her case to US President Donald Trump. Switzerland faces a 39-percent duty, one of the highest among the dozens of economies that will be hit by new tariffs expected to come into force from Thursday. President Karin Keller-Sutter and Economy Minister Guy Parmelin were visiting Washington "to facilitate meetings with the US authorities at short notice and hold talks with a view to improving the tariff situation for Switzerland," the government said in a statement. "The aim is to present a more attractive offer to the United States in a bid to lower the level of reciprocal tariffs for Swiss exports, taking US concerns into account." But a White House official told AFP there was "no meeting with the President scheduled at this time." Trump had originally threatened in April to slap a 31-percent tariff on Switzerland. But he surprised the export-driven country last week when he decided to hike the rate to 39 percent despite numerous discussions between Swiss and US officials aimed at reaching a deal. The Swiss government noted that the country will be hit by much higher tariffs than what other wealthy economies, such as Britain, Japan or the European Union, are facing. The government "reaffirmed that it was keen to pursue talks with the United States on the tariff situation," and the president and economy minister were visiting Washington "for this reason," Tuesday's statement said. US Trade Representative Jamieson Greer, however, told CBS television on Sunday that the tariffs on global trading partners, which are coming into force this week, "are pretty much set." Trump signaled that a separate initially "small" tariff on imports of pharmaceuticals from around the world -- a key sector for Switzerland -- could come "within the next week." But the sector-specific tariff could rise to 150 percent in a year and eventually be as high as 250 percent, he added, saying the delay was to allow companies to shift production to the United States. Pharmaceuticals represented 60 percent of Swiss goods exports to the United States last year. - Swiss surplus - Keller-Sutter and Parmelin were accompanied by a small delegation, including the heads of the economy and international finance departments, a Swiss government official said. But the official declined to give details about the potential meetings. The government said it will "issue a statement as soon as there are any relevant developments for the public." The United States is a key trading partner for Switzerland, taking 18.6 percent of its total exports last year, according to Swiss customs data. Keller-Sutter has said Trump believes that Switzerland "steals" from the United States by enjoying a trade surplus of 40 billion Swiss francs ($50 billion). Swiss companies have urged the government to negotiate a lower tariff. "I am convinced that Donald Trump wants to make a deal and show it to his US voters," Nik Hayek, the head of watch firm Swatch, told Le Temps newspaper in an interview published late Monday. But, Hayek added, "President Karin Keller-Sutter has to react and find a solution in person there." rjm-lth/sbk/sla/st
Buzz Feed
8 minutes ago
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51 Pop Culture Photos That You Probably Have Never Seen
In 1983, Carrie Fisher did a beach-themed Return of the Jedi photo shoot for Rolling Stone, complete with her wearing Princess Leia's gold metal bikini: There were lots and lots of photos taken that day, but according to the photographer, Aaron Rapoport, the magazine only ran two: If you didn't live through it, you wouldn't understand just how huge the anticipation was for The Phantom Menace. Even the release of the toys ahead of the movie was an EVENT. And it's demonstrated here by Leonardo DiCaprio shopping for the toys at Toys "R" Us during the midnight release: The Beatles' performance on The Ed Sullivan Show for the first time is a seminal moment in both modern American and pop culture history. Everyone's image of it is usually of the black and white footage of the performance. Here's what the performance looked like in color and while being filmed: And this is the Beatles with Ed Sullivan the day before the taping, during their rehearsals: This is what the set of the Ricardos' Connecticut home on I Love Lucy looked like in color: Speaking of sets, here's Lucille Ball on the set of Three's Company with John Ritter. In 1982, Lucille, who was a big fan of the sitcom and John Ritter, hosted a two-part retrospective during the show's sixth season: In a 2014 Reddit AMA, Betty White spoke about how Lucille Ball was one of her dearest friends. Here are the two of them together at a book signing for Betty's autobiography in 1987 — less than two years before Lucille's death: To give you context on just how long Betty White's career was, here is a photo of her alongside her costar Del Moore in 1953(ish) taken to promote her first sitcom, Life With Elizabeth. So yeah, Betty was playing a 1950s housewife at the same time that Lucille Ball was playing one on I Love Lucy: This is what the set of The Golden Girls looked like behind-the-scenes: Here's a photo of Sally Struthers (Samantha), Charlotte Rae (Charlotte), Bea Arthur (Carrie), and Katherine Helmond (Miranda), taken during a Sex and the City parody skit that they filmed for the TV Land Awards in 2004: The Flintstones was sponsored by Winston Cigarettes during its first two seasons, and the characters did several integrated commercials for the brand: In 2012, Miss Piggy made a surprise appearance on Watch What Happens Live, where she played Plead the Fifth and took a few jabs at OC Housewife Vicki Gunvalson. Here she is with Andy Cohen, wearing a Bravo Easter egg (the dress that she's wearing was designed for her for a challenge on Project Runway): In 1990, just before making it big, RuPaul appeared on The Geraldo Rivera Show as part of an episode about NYC club kids. Ru even says her classic catchphrase, "You're born naked and the rest is drag": Are you curious about what the Werkroom on RuPaul's Drag Race looks like in real life? Well, these behind-the-scenes photos will break the illusion. It's, of course, a set built in a soundstage, where even the columns are just set props: Here are two photos of Britney Spears rehearsing her iconic "I'm a Slave 4 U" performance she did at the 2001 VMAs: This is what Monica and Rachel's apartment on Friends looks like behind-the-scenes: And this is what the Friends' writers' room looks like. Seated at the head of the table is the show's co-producer and co-creator, David Crane: Here is a rare photo of Madonna alongside her then-boyfriend Tupac Shakur, while talking with Sting at a Versace party in New York in 1994: There is even a photo of the two of them with Gianni Versace and Raquel Welch at the same event (sadly, I could not find anywhere to license it). Here is Madonna portraying Princess Diana in a sketch on SNL in 1985 — which was also her first appearance on the show: Here is the real Princess Diana in 1985, greeting Steven Spielberg and his then-wife Amy Irving at the London premiere of Back to the Future: And here's a photo of Princess Di meeting Roger Rabbit at the London premiere of Who Framed Roger Rabbit in 1988: These are fake 1940s Roger Rabbit and Baby Herman cartoon short posters created as set props for R.K. Maroon's office in Who Framed Roger Rabbit: This is what Marilyn Monroe looked like with her natural hair color (this photo was taken in 1946 when she went by her real name: Norma Jeane Mortenson): Marilyn Monroe and Queen Elizabeth were both born in the same year, 1926. Here are the two meeting in 1956, when Marilyn was filming The Prince and the Showgirl in the UK. Here's a photo of Cher, Sonny Bono, and Bob Dylan hanging out at Atlantic Studios in New York in 1965: And here is a photo of Cher and Sonny in 1967, on an episode of Kraft Music Hall hosted by Phyllis Diller, where Phyllis and Bob Hope play two old hippies still holding on to hippie culture in the far-away year of 1997: This is a behind-the-scenes shot of Michael and Janet Jackson, alongside Dick Clark, rehearsing for the American Music Awards in 1975: Here's a photo of Quincy Jones and Michael Jackson meeting with Steven Spielberg while working on the storybook album for E.T. the Extra-Terrestrial — which Quincy and Michael fit in while working on Thriller: This is a behind-the-scenes photo of Steven Spielberg directing Henry Thomas on the set of E.T.: And here's a behind-the-scenes photo of Steve Spielberg directing Richard Attenborough on the set of Jurassic Park. Attenborough famously pulled an upset by winning both the Best Picture and Best Director Oscars in 1983 for Gandhi, beating Spielberg, who was also nominated for both for E.T.: I've never wanted to be at a party so badly! Check out Diana Ross with Truman Capote at Studio 54's legendary 1978/79 New Year's Eve party: And check out Diana Ross dancing with André Leon Talley at the same New Year's Eve party at Studio 54: This is a staged photo of Katharine Hepburn, Elizabeth Taylor, Montgomery Clift, and director Joseph L. Mankiewicz fighting each other to make fun of the rumors — though by all accounts accurate — that they were not getting along while filming their movie Suddenly, Last Summer: This is James Dean and Elizabeth Taylor having fun together at the Texas State Fair in Dallas during a weekend break from filming their movie, Giant, in 1955: These are color aerial photos of what Disneyland looked like when it opened in 1955: This is then-Vice President Richard Nixon riding Peter Pan's Flight at Disneyland a month after the park opened in 1955: Shot by Disneyland photographer Renie Bardeau, this is the last photo taken of Walt Disney at Disneyland in 1966: Here are longtime friends and fellow icons Dolly Parton and Lily Tomlin, recording their lines together for The Magic School Bus. Dolly guest-voiced the character Katrina Eloise "Murph" Murphy for the 1996 holiday episode of the show (this was 16 years after they costarred together on 9 to 5): Julie Andrews was not the first person to play Mary Poppins on screen. It was Mary Wickes (pictured below) who played the character in 1949 in a one-hour TV adaptation that was part of CBS's Studio One series: While Julie Andrews never played Mary Poppins again on the big screen, she did revive the character and play her a few more times in some of her TV specials. Here she is playing Mary alongside Peter Sellers in her 1975 TV special Julie: My Favorite Things: Here's a behind-the-scenes photo from The Godfather of Marlon Brando getting his Vito Corleone aging makeup applied: And here's a photo of Francis Ford Coppola directing the classic "horse in the bed" scene in The Godfather: This is Oprah Winfrey hosting her very first talk show, AM Chicago, in 1984: Here are the Teenage Mutant Ninja Turtles outside The Oprah Winfrey Show's studio promoting their kinda bonkers interview on the show: Here's Nancy Reagan sitting on Mr. T's lap and giving him a kiss during a White House Christmas party in 1983: Here is a behind-the-scenes photo of Daniel Seagren, Jim Henson, and Frank Oz rehearsing a Bert and Ernie scene for Sesame Street: Here are a couple behind-the-scenes photos of Jim Henson puppeteering Kermit the Frog: And this endearing photo of Jim Henson entertaining kids with Kermit between rehearsal takes: Here's a photo Gale Sondergaard, who was the original actor cast to play the Wicked Witch of the West when the producers of The Wizard of Oz envisioned the character as a more glamorous villain, like the Evil Queen in Snow White and the Seven Dwarfs: Here's a photo of Margaret Hamilton (Wicked Witch of the West), Ray Bolger (Scarecrow), and Jack Haley (Tin Man) reunited for a TV showing of The Wizard of Oz in 1970: And lastly, these are Judy Garland's daughters, Liza Minnelli and Lorna Luft, watching the very first TV showing of The Wizard of Oz in 1956:
