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.