A Global Recession Is Coming And It’s Going To Be Pretty According To George Soros

George Soros has a way about him that commands respect and attention. He is one of the richest people in the world, and, for the most part, he made his money investing in the global economy. Soros is an expert in global economics, so when he has something to say about the condition of the world people usually listen. They may not agree, but they listen. Soros recently told a Bloomberg interviewer that all the signs for a catastrophic economic meltdown are present, and, at this point, there’s little chance of derailing it.

Soros told the interviewer that the signs have been around for the last three years. The emerging market growth that was fueling global economic growth stalled in last quarter of 2013, and the countries that make up the BRICS nations haven’t recovered. In fact the economies of Brazil and South Africa have gotten worse. India has been the strongest member of the union, but even India’s GDP is starting to show signs of a slowdown, and Russia in certainly on the doorstep of a recession. Soros claims the Russians are in a recession, but like China that word isn’t how their governments describe what is happening economically in their countries.

The biggest warning came from China a few years ago when their manufacturing base started to collapse. China is having a hard time keeping prices down even though they are manipulating their currency to make than happen. The Chinese government is trying to keep their stock market stable, but Chinese investors are leaving the stock market in search for more productive assets. The government of China has put a stop to money leaving the country, so there is an enormous amount of unrest and fear in the Chinese marketplace.

The United States economy is still growing at a rate of more than 3.5 percent a year, but Soros thinks that will end during the second half of 2016. The U.S. stock market is experiencing trading ups and downs that will eventually lead to all downs, according to Soros. And even though the unemployment rate is tracking at 4.9 percent, that rate will go up in the first half of 2017. Oil prices are another sign.

The economies of countries around the world are feeling the impact of cheap oil. Soros sold all his oil stocks, and that means crude oil prices are not going to increase. Oil prices could stay where they are, but there is a chance prices may go down over the next 12 months. There isn’t much talk about a global recession in the United States political arena. The fast-talking politicians stay away from touches subjects like recessions even though the state of the economy is a priority in voters’ minds.

Read more: http://www.forbes.com/profile/george-soros/