Hedge fund manager Ray Dalio wrote this week that he is very concerned about the state of the economy. The combination of coronavirus and zero interest rates “really worries” him, according to a note released today.

Ray Dalio on the Markets

“I have been concerned that when the economic downturn would come, it would lead to hitting the 0% interest rate in an economic downturn with a lot of debt outstanding and big wealth and political gaps the way that configuration of events happened the 1930s,” Dalio wrote.

“The coronavirus was the thing to cause the downturn, which surprised me. While it is an extremely serious infectious disease and that will produce many harmful economic impacts, these things alone don’t scare me; however, when combined with long-term interest rates hitting the hard 0% floor, that really worries me.”

Dalio has been ringing alarms about the state of the global economy for months. Back in November, he said he expected that the markets would experience a paradigm shift and predicted that something would give in the global economy. His discussed problems for the economy that included free money, ballooning government debts, unsustainable pension and healthcare obligations. He also worried about the increasing gap between the rich and the poor.

However, Dalio largely missed the impact of the coronavirus.