Michael Burry, the man who famously predicted the subprime mortgage crisis, says he has ‘done the math’ and a global financial meltdown that will lead to World War 3 is on the horizon and we are marching towards it at an ever increasing pace.
As NYMag.com reports, Burry answered questions by email, his preferred method of communication as viewers of the film will attest. The real-life head of Scion Asset Management spoke about the state of the financial system and his ominous predictions for the future.
‘I didn’t go out looking for this,’ he said. ‘I just did the math. Every bit of my logic is telling me the global financial system is going to collapse.’
‘It’s not a question of if, but when. It’s rotten to the core.‘
Just as most of the so called “smartest men in the room” ignored his predictions last time, every status-quo-maintaining, asset-gathering, commission-taking opportunist will be quick to shrug off his warnings this time too.
Burry is arguing that ‘anyone’ who studies the financial markets ‘honestly and without prejudice’ will recognise the same flaws and arrive at the same conclusion as him. He is angry with international regulators for refusing to listen to warnings from outside a small, elite cabal of advisors.
It is almost as if they are looking out for themselves, hang the consequences.
‘I feel like I am watching a plane crash. I have this dream again and again. I know what is happening, but there is nothing I or anyone else can do to stop it.‘
Famously portrayed in 2015’s film The Big Short, Burry suffered an investor revolt before his subprime mortgage housing crisis prediction came true.
He was considered crazy, mentally ill, and dangerous. He was ostracized. When he was proved right, the justification involved a $100 million dollar profit for himself and a further $700 million for shareholders.
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