Dalio has predicted a paradigm shift. Now, he’s talking about a “Great Sag.”

Bridgewater Associates founder Ray Dalio has warned about the next economic downturn on more than one occasion. He once said that the economy would experience a “paradigm shift” and encouraged investors to buy gold. After everyone Googled “Paradigm”, perhaps Dalio has provided a little better of a visual of the future economy.

Dalio believes that the world is facing a “Great Sag.”

On Thursday, Dalio spoke with CNN Business. He said that the global economy is facing its greatest challenges since the 1930s. Rising debt, unfunded pension liabilities, low-interest rates, and quantitative experimentation loom. Dalio doesn’t expect that central banks will accomplish much to stave off the global challenges.

“The impetuses for growth that began in 2008 and 2009 are largely behind us,” Dalio said during. a Bloomberg event in Beijing.

Bridgewater Associates founder Ray Dalio Talks the Great Divide

With the 2020 election on tap, a lot of focus has centered around wealth inequality in America. Firebrands like Sens. Elizabeth Warren and Bernie Sanders have called for sharp tax increases to address the gap between the rich and the poor.

Meanwhile, Dalio has also raised concerns about this gap. Finally, he argues that central banks have exacerbated the wealth divide and created situations like the ongoing unrest in Hong Kong.

Related: Ray Dalio Thinks the World Has Gone Mad