Billionaire investor Ray Dalio is warning that the United States is on a path toward 1930s-style autocracy.

In a new analysis, the founder of Bridgewater Associates claims the current political and economic turmoil is a symptom of a much larger, and more concerning, structural breakdown.

Dalio states that deep divisions in income, education, and values are paving the way for the rise of what he calls “strong autocratic leaders,” a trend he says is historically linked with economic and market volatility.