Bridgewater Associates founder Ray Dalio warned that the rapid rise in U.S. government debt is creating conditions “very much analogous” to the years leading up to World War II.

“When debt rises relative to income, it’s like plaque in the arteries that then begins to squeeze out the spending,” Dalio, 76, said in a Bloomberg TV interview aired Friday.

Dalio has long highlighted the risks of escalating U.S. debt, calling it a “threat to the monetary order” last month. He criticized politicians from both parties and urged a combination of tax increases and spending cuts to address what he calls the “deficit/debt bomb.”

According to the Congressional Budget Office, debt held by the public reached 99% of U.S. gross domestic product last year and is projected to hit 116% of GDP by 2034—higher than at any point in U.S. history.

Dalio also pointed to global conflicts and wealth inequality as contributing to an environment with “plenty to worry about.” When asked about the possibility of another world war, he suggested a “civil war of some sort” is emerging in the U.S. and elsewhere, fueled by “irreconcilable differences.”

“These conflicts will become tests of power by each side,” Dalio said. “It’s crucial to address the strife. If we don’t worry about these things, then we have greater risks.”

U.S. Treasuries: U.S. 2-Year Bond Yield (US2Y) -0.4%, U.S. 5-Year (US5Y) −0.48%, U.S. 10-Year (US10Y) −0.63%, U.S. 30-Year (US30Y) −0.59%. Investors can also track bond ETFs, here.

Major U.S. stock indices (sensitive to debt/economic concerns): (NYSEARCA:SPY), (NASDAQ:QQQ), (NYSEARCA:DIA). Volatility indicator (VIX).

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