Investor Ray Dalio estimates the corporate losses in the US from coronavirus will top $4 trillion

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Investor Ray Dalio said the U.S. corporations will lose as much as $4 trillion due to the economic damage from the coronavirus outbreak.

“What’s happening has not happened in our lifetime before … What we have is a crisis,” Dalio said on Thursday on CNBC’s “Squawk Box.”There will also be individuals who have very big losses… There’s a need for the government to spend more money, a lot more money… A lot of people are going to be broke.”

Dalio added the fiscal stimulus package should be $1.5 trillion to $2 trillion as a minimum, depending on the form of the financial relief such as loan guarantees and credits.

The White House is proposing a stimulus package of up to $1 trillion to fight the impact of COVID-19 and that could help soften the blow of a sudden recession on individuals and businesses. The package will include direct payments or tax cuts and small business assistance.

The founder of Bridgewater Associates also estimated the global corporate losses will amount to $12 trillion due to the pandemic.

“We are now at a point where there will have to be a debt restructuring and a monetization of that,” Dalio said. “We’re living in a different world like the 1930s in which 1930s, 1932 you have a devaluation of the dollar. You have the printing of money.”

Bridgewater, the world’s biggest hedge fund, has about $160 billion assets under management, according to its website.

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