The world's biggest hedge fund thinks the next radical change in central bank policy is almost upon us

The world's biggest hedge fund thinks the next radical change in central bank policy is almost upon us.

Bridgewater Associates sent a note to clients on Wednesday written by Greg Jensen, Jason Rotenberg and Jeff Amato. Jensen is Bridgewater's co-CIO and former co-CEO.

The note, seen by Business Insider, said that central bank policies up until now - such as dropping interest rates and quantitative easing - haven't boosted economies enough. Policy makers need to try something new, the note said.

Here's the key passage from the note:

"The world is not transpiring as most central bankers had expected. They have had to consistently adjust their thinking about what interest rates and monetary policies are appropriate, and they have had to be more accommodative than they had expected and buy more 'risky' assets. We believe that at this stage either fiscal stimulation that is monetized or putting money directly into the hands of spenders (i.e., MP3) is the logical next move."

The note cites central bank policy in Japan as an example of monetized fiscal stimulation. Here is the passage:

"Japanese policy makers, while being technically careful to not break the rules of independence between the [Bank of Japan] and the [Ministry of Finance], have moved forward in a practical way to create de-facto MP3 with fiscal stimulus indirectly financed by the BoJ and increased purchases of riskier assets. These moves should help on the margin in getting money into the hands of entities that will impact the real economy, but markets have been underwhelmed by the details."

Westport, Conn.-based Bridgewater manages about $150 billion, excluding leverage.

The Wall Street Journal earlier this year wrote about tensions between Jensen, one of the authors of the note, and billionaire founder Ray Dalio. Dalio later told Business Insider that he believed Bridgewater's culture is misunderstood.

Rotenberg is a Bridgewater analyst, according to a Bloomberg terminal profile. Amato's position was not immediately clear. A spokesperson for Bridgewater at external PR firm Prosek Partners declined to comment.