The hedge fund manager who predicted the financial crisis thinks the global economy is about to crash

Lightning will strike twice, according to Crispin Odey.

by Rachel Savage
Credit: Dennis Behm/Flickr
Credit: Dennis Behm/Flickr

Crispin Odey made millions correctly predicting the financial crisis thinks it’s all be about to happen again – but that this time it’s going to be even worse.

‘We are in the first stage of this downturn. It is too early to see what will happen - a change of this magnitude means the darkness and mist is very great. This down cycle is likely to be remembered in a hundred years,’ he wrote last week in a portentous letter to clients at his hedge fund Odey Asset Management, which manages around $12bn (£8bn).

The recession he sees looming over the horizon will ‘devastate’ stock markets, and the European Central Bank’s €1.1tn (£830m) quantitative easing bazooka will not stop the coming storm.

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