Ray Dalio says U.K. government spending plan shows incompetence

Ray Dalio, the billionaire investor and founder of Bridgewater Associates, said in a series of tweets that the U.K. government spending plan shows incompetence.

The panic selling of UK bonds, currency, and financial assets is due to the recognition that the big debt that will have to be sold by the government is too much for the demand, according to Dalio.

I can't understand how those who were behind this move didn't understand that. It shows incompetence. The UK government is like the government of an emerging country. Dalio said that it is producing too much debt in a currency that there is not a big world demand for it.

The Invesco CurrencyShares British Pound Sterling Trust FXB, designed to track the British Pound, has fallen by over 7% in the last month.

In its latest move, the Bank of England said it would start buying government bonds at an urgent pace to restore orderly market conditions. The central bank pledged to buy 65 billion in government bonds in a time when pension funds were forced to start selling, which sparked fears of a new market downturn, according to a BBC report.

I hope and doubt that other policymakers are doing the same things, i.e. On Twitter, Dalio said that they are risking a similar outcome because they are risking a similar outcome because they need to sell a lot of debt because they won't find enough demand for at current low or negative real interest rates.