“An ‘Old-Fashioned’ Recession Is Spreading Across The World,” Billionaire Hedge Fund Manager Warns
by Tyler Durden
ZeroHedge.com
03/14/2015
The bust of Aussie boom-towns, collapse of the mining industry, dramatic capital outflows, and a bursting housing bubble all have one thing in common, according to billionaire hedge fund manager Crispin Odey – “China is everything to Australia in lots of ways.” Simply put, he tells The Australian Financial Review, economies dependent on China for income, including Australia, are headed for recession and central banks will not be able to able to come to the rescue because they have exhausted the arsenal of policy weapons. “We’ve got a very old-fashioned recession which is spreading across the world,” and Australian banks face a tough time ahead too because there are indications bad debt risks are rising.
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